Layer-2 networks need a decentralized chain – Metis co-founder
As the Ethereum layer-2 (L2) ecosystem expands and includes much of the daily economic activity on the Ethereum blockchain, the problem of centralization continues.
Metis L2 co-founder Elena Sinelnikova recently told Cointelegraph that Layer-2 scale solutions should adopt decentralized mechanisms to maximize anti-fraud and censorship resistance.
According to Sinelnikova, most layer-2 networks feature only one series, and most users are unaware that they are transacting on centrally managed platforms that can be monitored or shut down at any time. The Metis co-founder told Cointelegraph:
“About 97% of Ethereum transactions are on Layer-2s – so basically almost all of them. Layer-2 solutions have never been decentralized solutions. They are centralized solutions with one chain.”
Sinelnikova tapped into proposals from the Ethereum Foundation to promote decentralization and enhance L2 interoperability as an alternative to the current model of competitive and siled L2 solutions. However, Metis' co-founder argued that adopting a decentralized order was the simpler option.
Screenshot of Ethereum L2 solutions. Source: L2 bit
Related: Vitalik Buterin Urges Web3 Wallets to Improve Security, Privacy
Ethereum layer-2 networks continue to grow
The Metis co-founder expects that Layer-2 scaling solutions will continue to grow in 2025, and recent changes in the Ethereum Layer-2 ecosystem suggest that this is the case.
In October 2024, Ethereum founder Vitalik Buterin outlined a plan to increase to 100,000 transactions per second (TPS). The grand goal is part of Ethereum's roadmap, known as “The Surge.”
Ethereum's Layer-2 solutions seek to create a “surge” of interoperability when 100,000 TPS is reached between Ethereum's base layer and Layer-2 networks.
Tier-2 networks posted approximately three times more daily transaction data in November 2024 compared to March 2024. The increased activity led to an increase in payments on Ethereum's base layer – helping to reverse months of low Ethereum revenue.
The current total value is locked in Ethereum L2s. Source: L2 bit
According to data from L2Beat, Ethereum L2s recorded a total value of $51.5 billion locked in November and saw 205% year-over-year growth.
That figure has grown to more than $60 billion by early December 2024, with Arbitrage One and Base leading the charge with around $21.5 billion and $14.2 billion locked in total value.
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