Polygon Labs CEO Criticizes Layer-3 Networks, Claiming They Devalue Ethereum
Marc Boiron raised concerns that if all L3s consolidate into a single L2, Ethereum could lose its value, posing a
Ethereum is a blockchain-based platform that allows developers to build decentralized applications (dApps) using smart contracts.
These are computer codes that facilitate the exchange of money, property, shares, content, or anything that has value. It’s pre-programmed and predefined, meaning that once the trigger conditions are executed, the result manifests automatically.
Ethereum has a native cryptocurrency, which is called Ether (ETH). ETH is currently the second-largest cryptocurrency by market cap.
The project’s whitepaper was published back in 2013 by Vitalik Buterin, Ethereum’s Co-Founder. In January 2014, Ethereum began the official development of the platform. A few months later, in August, the team managed to raise $18.4 million through a token sale. The ETH token was released during the summer of 2015.
Like Bitcoin, Ethereum was initially developed to work using the Proof-of-Work (PoW) consensus algorithm. However, the team is working to transition to Proof-of-Stake, which is supposed to take place in 2020.
Marc Boiron raised concerns that if all L3s consolidate into a single L2, Ethereum could lose its value, posing a
26% of Ethereum's supply is staked, highlighting the strong commitment to Ethereum's proof-of-stake (PoS) consensus mechanism.
Vitalik believes Ethereum scaling upgrades will be more “incremental” from here on, and that community standards need to rise for
The Dencun upgrade implemented on March 13 paved the way for increased blob activity.
House Republicans wrote to the US SEC, seeking clarity on Prometheum's status and whether Ethereum is considered a security.
Craig Salm notes similarities in approval process for spot Bitcoin and Ethereum ETFs, leveraging prior SEC discussions.
The recent Dencun upgrade has reignited Base's activity pushing its TVL beyond $2 billion.
Investors advised to prioritize L2 projects solving key crypto issues: performance, scalability, and integration.
Bitcoin witnessed a massive departure of investments, with $904 million flowing out of the market.
ENS simplifies crypto transactions with human-readable domains linked to wallets, replacing complex addresses.