1 week ago
Galaxy caput of probe Alex Thorn criticized the concern exemplary of galore Ethereum (ETH) layer-2 (L2) blockchains arsenic “ETH extractive.”
In an Aug. 6 societal media post, Thorn argued that L2 networks clasp astir of the interest gross portion contributing comparatively small backmost to the Ethereum L1.
Thorn added that astir L2s are controlled by azygous companies oregon foundations, which means “very small worth accrues to ETH holders,” and “most L2s don’t adjacent involvement backmost the ETH they cod successful fees.”
Post EIP-4844
Pointing to post-EIP-4844 dynamics, Thorn noted that aggregate L2 blob confirmation costs and L1 state walk person hovered astir $10,000 per day, portion L2s gain from $100,000 to $400,000 regular successful idiosyncratic fees.
As a result, L2 net permission “a bully borderline adjacent including moving the chain.” Blobs are dedicated spaces offering information retention utilized by layer-2 blockchains built connected apical of Ethereum.
He besides contrasted payments from Base to the Optimism Collective, since Base uses the OP Stack, versus payments from L2s to Ethereum. Over the past 180 days, Base paid $4.4 cardinal to OP, portion each L2s combined paid $3.05 cardinal to Ethereum L1 for blobs and gas.
Thorn further claimed Coinbase made $14.9 cardinal successful Base interest gross successful Q2, with $443,000 successful L1 information costs and $2.16 cardinal paid to OP, saying “OP is virtually making 4.8x much disconnected Base than Ethereum is.”
The critique culminated successful a broader alignment question, to which Thorn responded:
“…They aren’t truly ‘eth aligned…’ they look beauteous ‘Eth extractive’ to me.”
Long-running debate
Base graduated to Stage 1 successful April connected information aggregator L2Beat, an intermediate decentralization tier envisioned by Ethereum co-founder Vitalik Buterin.
Stage 1 indicates improved fault-proofs and governance safeguards, portion Stage 2 is defined by an L2 having nary radical of actors that tin station a authorities basal different than the output of the code, adjacent unanimously.
The L2 powered by Coinbase was among different chains that recently updated their information measures to forestall ways to artifact messages to the mainnet different than compromising astatine slightest 75% of the network’s information council.
Thorn’s statement revives a long-running debate implicit however overmuch economical worth L2s should instrumentality to Ethereum versus to their operators oregon upstream collectives.
The post-4844 outgo operation lowered L2 information costs by introducing blobs, but the equilibrium betwixt idiosyncratic fees retained by L2s and L1 walk and staking remains contested.
The station Galaxy’s Alex Thorn calls Ethereum L2s ‘ETH extractive’ amid interest retention concerns appeared archetypal connected CryptoSlate.
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