1/18) There is no ETH scaling anymore, only "L2 scaling"
No matter what breakthroughs are made, none of it will be implemented on the L1
That is how committed ETH core devs are to L2s; it has become self-destructive...
The tech behind MegaETH could scale ETH, but it won't: 🧵
No matter what breakthroughs are made, none of it will be implemented on the L1
That is how committed ETH core devs are to L2s; it has become self-destructive...
The tech behind MegaETH could scale ETH, but it won't: 🧵
2/18) Ironically, MegaETH aims to scale an EVM-based chain to over 100k TPS!
The irony here is that if we implemented this tech on ETH, we would not need "L2 scaling" at all
That is why MegaETH was a glimmer of hope for me, quickly crushed by the realization of its true purpose
The irony here is that if we implemented this tech on ETH, we would not need "L2 scaling" at all
That is why MegaETH was a glimmer of hope for me, quickly crushed by the realization of its true purpose
3/18) As the documentation was abundantly clear about this:
MegaETH is intended to scale L2s, not ETH itself!
Even if the technology required to scale ETH is identical...
The cognitive dissonance of scaling L2s like this & refusing to do the same for ETH itself is mindblowing!
MegaETH is intended to scale L2s, not ETH itself!
Even if the technology required to scale ETH is identical...
The cognitive dissonance of scaling L2s like this & refusing to do the same for ETH itself is mindblowing!
4/18) There is a free market competition over who can attract the most usage
That is where fees, speed, UX & composability really do matter
ETH has effectively taken itself out of that competition by refusing to scale its L1!
Even promoting the use of competitors instead (L2s)
That is where fees, speed, UX & composability really do matter
ETH has effectively taken itself out of that competition by refusing to scale its L1!
Even promoting the use of competitors instead (L2s)
5/18) The idea behind ETH becoming the most super secure DA layer is nonsense
The most secure chains will be those that capture the most revenue
Scalable L1s will be able to capture far more revenue in the long run
As they can attract far more usage without L2s skimming fees!
The most secure chains will be those that capture the most revenue
Scalable L1s will be able to capture far more revenue in the long run
As they can attract far more usage without L2s skimming fees!
6/18) So if you want to build an L2, which is questionable in a world where scalable L1s exist
You would still be better off building that on a scalable L1, not an expensive & slow "DA layer"!
This means we should also expect successful L2 ecosystems to abandon ETH eventually
You would still be better off building that on a scalable L1, not an expensive & slow "DA layer"!
This means we should also expect successful L2 ecosystems to abandon ETH eventually
7/18) In that scenario an L2 is better off either becoming its own L1, or tying itself into a scalable L1
The presumption here is that scalable L1s will be far more secure due to higher total revenues
It blows my mind how many BTC & ETH people think slow & expensive is good...
The presumption here is that scalable L1s will be far more secure due to higher total revenues
It blows my mind how many BTC & ETH people think slow & expensive is good...
8/18) That I am still arguing a decade later that fast & cheap is, in fact, better than slow & expensive
Highlights the sad state the industry is in now
Explaining how as a crypto native cypherpunk, I abandoned BTC & later ETH
As decentralization is pointless without scale!
Highlights the sad state the industry is in now
Explaining how as a crypto native cypherpunk, I abandoned BTC & later ETH
As decentralization is pointless without scale!
9/18) It is researchers who sit in their ivory towers, detached from reality
Creating overly complex solutions to simple problems
It is unacceptable that ETH devs give 3-5-year timelines
That is not development but hard computer science research, a non-competitive strategy!
Creating overly complex solutions to simple problems
It is unacceptable that ETH devs give 3-5-year timelines
That is not development but hard computer science research, a non-competitive strategy!
10/18) Recent discussions are a perfect example
Where Paradigm posted a suggestion to decrease block time, which would increase speed & capacity
We have seen ETH researchers in response suggest pre-conf, based sequencing & even changing consensus!
Incredible complex solutions!
Where Paradigm posted a suggestion to decrease block time, which would increase speed & capacity
We have seen ETH researchers in response suggest pre-conf, based sequencing & even changing consensus!
Incredible complex solutions!
11/18) That will take years to implement, all while SOL has block times that are 23x faster right now!
Are you starting to see the problem?
This pattern of behavior repeats itself all over ETH development & at its core sits the "L2 scaling" roadmap:
The surrender of ETHs L1!
Are you starting to see the problem?
This pattern of behavior repeats itself all over ETH development & at its core sits the "L2 scaling" roadmap:
The surrender of ETHs L1!
12/18) All new ETH innovation is in L2s, all new ETH investment is in L2s, all new ETH adoption is in L2s
Some L2s might even have a bright future ahead of them, but this does all leave ETH behind in the dust
It is not about ETH anymore, even though that should take priority
Some L2s might even have a bright future ahead of them, but this does all leave ETH behind in the dust
It is not about ETH anymore, even though that should take priority
13/18) That is why many L2 advocates are no longer ETH advocates
The opposite, actually, as there are conflicting interests at work here
If ETH were to scale its L1, it would put the vast majority of L2s out of business!
"L2 scaling" is a vampire attack on ETH; stealing usage!
The opposite, actually, as there are conflicting interests at work here
If ETH were to scale its L1, it would put the vast majority of L2s out of business!
"L2 scaling" is a vampire attack on ETH; stealing usage!
14/18) So, if you truly support ETH; fight to have it scale, as that is the only way it will remain relevant
However, you cannot ignore the soup of corruption
Overthrowing the current leadership in ETH is no small task
Especially without any formalized on-chain governance!
However, you cannot ignore the soup of corruption
Overthrowing the current leadership in ETH is no small task
Especially without any formalized on-chain governance!
15/18) The more likely outcome is that the exodus continues
People vote with their feet, worsening the demographics of ETH
As people who agree with the roadmap stay & those who disagree leave, who is left to fight for ETH?
All of this is because of centralized decision-making!
People vote with their feet, worsening the demographics of ETH
As people who agree with the roadmap stay & those who disagree leave, who is left to fight for ETH?
All of this is because of centralized decision-making!
16/18) ETH is the most decentralized blockchain in the entire world
Yet, it is effectively still controlled by a relatively small group of individuals at the center
A tough pill to swallow:
That is why I have been an advocate for on-chain governance for all of these years!
Yet, it is effectively still controlled by a relatively small group of individuals at the center
A tough pill to swallow:
That is why I have been an advocate for on-chain governance for all of these years!
17/18) At least then, stakeholders would have some form of recourse
As opposed to being ruled by dictators sitting in ivory towers; who inevitably make worse decisions than a market-based mechanism
The realization that this a systemic problem arises from studying BTCs history
As opposed to being ruled by dictators sitting in ivory towers; who inevitably make worse decisions than a market-based mechanism
The realization that this a systemic problem arises from studying BTCs history
18/18) No longer a question of tech but of will, as we can scale the L1!
As MegaETH will ironically prove, alongside countless other L1s
The people "in charge" of ETH are unwilling to upgrade its capacity; that is the bottom line!
Leaving ETH behind in the dustbin of history
As MegaETH will ironically prove, alongside countless other L1s
The people "in charge" of ETH are unwilling to upgrade its capacity; that is the bottom line!
Leaving ETH behind in the dustbin of history
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