Ethereum is a legacy chain that has scaled over time to address the needs of the ever-demanding global user base. To relieve the mainnet of the deluge of transactions, more layer-2 platforms have sprouted.
They are cheaper to transact on and scalable, allowing users to deploy intensive decentralized applications that won’t be feasible on the base layer.
Ethereum Layer-2s Are A Success, But There Is A Problem
According to L2Beat, layer-2 platforms on Ethereum currently manage over $39 billion in total value locked (TVL). Even so, Nikita Zhavoronkov, a lead developer at Blockchair, is concerned and thinks layer-2s are a “huge legal liability waiting to happen.”
Taking to X, Zhavoronkov argues that layer-2 protocols on Ethereum and Bitcoin are vulnerable to regulator crackdown. In the developer’s assessment, these platforms resemble money service businesses (MSBs), considering how they are designed to operate. Since they are not regulated, the developer said the
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