TL; DR
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A few years ago, Vitalik made a HUGE push to enter other blockchains (known as ‘layer-2 protocols’) and help Ethereum process more transactions faster and more efficiently.
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This week, Buterin posted on his Ethereum blog that he wants to take back some of the layer 2 features.
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Some speculate that he is doing all this to help boost the price of ETH. After 8 years of ups and downs, it feels like a strange time for Vitalik to meddle in the price of ETH like this… But hey, Crypto Twitter is entitled to its own opinion.
Full story
Uh oh, Vitalik is grasping at straws??
OR
Is he on to something?
Do you know him? Let’s catch you up:
Vitalik Buterin is one of the founders of Ethereum.
A few years ago, he made a HUGE effort to bring in other blockchains (known as ‘layer-2 protocols’) and help Ethereum process more transactions faster and more efficiently.
So – a lot of companies have created layer 2 protocols that have brought in billions of dollars and helped onboard new users and technology.
Well, now he’s going back on his word a bit…
This week, Buterin posted on his Ethereum blog that he wants to take back some of the layer 2 features.
His ideas make some sense:
The technology is more updated now, so the layer 1 chain (Ethereum) could handle all the extra pressure.
Moreover, it is safer to have no middleman.
BUT: (And this is the juicy part)
Some speculate that he is doing all this to help boost the price of ETH. Sure, the token is doing fine, but ETH isn’t thriving in the same way as some of its counterparts (like Solana, Bitcoin, Avalanche…)
After 8 years of ups and downs, it feels like a strange time for Vitalik to meddle in the price of ETH like this…
Anyway, Crypto Twitter is entitled to its own opinion.