Anatoly Yakovenko, co-founder of the Solana blockchain, expressed skepticism regarding the security and decentralization of Ethereum’s layer-2 (L2) scaling networks during a recent debate. He emphasized that these networks present significant risks due to their expansive code bases that cannot be adequately audited for flaws. Furthermore, Yakovenko noted that users’ funds could be moved without their consent from these L2s, which depend on multisig custody.

He stated,

“The claim that layer-2s inherit ETH security is erroneous.”
(Translation: The claim that layer-2 solutions inherit the security of Ethereum is incorrect.)

Yakovenko raised concerns that the L2 roadmap still exhibits significant risks, equating wormhole ETH on Solana with the base risks of ETH. At present, there are 129 verified Ethereum layer-2 networks and an additional 29 awaiting review. Adrian Brink, co-founder of Anoma, suggested that the industry is oversaturated with L2 networks, estimating that there are ten times more than necessary. Contrarily, Igor Mandrigin believes this proliferation indicates healthy growth, while Anurag Arjun views each L2 as a valuable high-throughput blockchain option.

However, Binance Research warns that this rise in layer-2 networks may fragment liquidity and reduce revenue on Ethereum’s main layer.