hocilef.eth
@hocilef
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In 2021, I wrote extensively on this topic. On paper, purely technically, it was a no-brainer - greater performance, interoperability, secure access to ethereum liquidity, security & decentralization, significantly lower inflation for economic sustainability, etc. etc.
Since then, all major new chains have been L2s - from DAOs (Unichain) to crypto corporations (Coinbase, Kraken) to tradfi (Robinhood), with the sole exception of Hyperliquid. There have been some L1 > L2 like Celo as mentioned. However, over 4 years, most legacy L1s have remained L1s.
Potential reasons:
- Application demand growth has been a fraction of expectations. Most L1s have barely any activity and have no need for the greater performance or interoperability of L2s
- L2 & blob dev have slowed down since '22 potentially due to the above, with performance much lower than expected in '25
- Much of their token value is based on being an anti-ethereum cult
- The industry has pivoted to degeneracy, decentralization/security matter less now 11 replies
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Definitely different.
If we succeed in making Ethereum the settlement layer of everything in the world, from money to any contracts, I see a world where you can build things without any fear of others, where trust is the default. And with trust comes everything else that our current rotten society is not able to achieve: rescue climate (it will be late but not yet too late if we put as much effort in it as we put in wars), fight disease that we could fight but don't for financial reasons (and racism) greater good decisions, end of the political mafia, commons, commons, commons. But it's not communism, it's the opposite. Everyone will be able to participate as an entrepreneur. Everyone will benefit from progress, financially and maybe at a point where voting in daos will allow you to live and let machines and AI do the dirty work. So you can focus on making decisions and live your best life.
It's seems to be utopia but that's why I'm here not for some shitty casino chains for short term magic money and rugs. 1 reply
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People in the early 1900s used to dream enthusiastically about the 21st century. They held ambitious world's fairs to celebrate humanity's ambitions, published glowing pop-sci articles, and wrote hopeful futuristic fiction.
Who does that anymore? Who gets positively excited about what the future holds for our great-great-grandchildren?
It feels like the 21st century, despite being just one average human lifespan away, already lies behind some inscrutable (and perhaps impassable) Great Filter caused by some combination of technological singularity, AI takeover, collapse of late-stage capitalism, demographic decline, societal rot, deadly pandemic, and/or climate catastrophe.
It's as if nobody dares being bullish about humanity's future due to a growing collective (and largely unspoken) unease 18 replies
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For my personal use, crypto is in a great place. Fees, speeds, wallet UX, applications are perfectly fine for my usecases, and they'll keep getting better. However, I'd like to see some things significantly improved, in order of importance:
- CRITICAL: Configurable withdrawal rate limiting in Safe & smart wallets and indeed, in all smart contracts, should be a standard. Without this, I significantly limit my usage of crypto
- Custodial standards for smart wallets
- Stage 2+ decentralisation for L2s, complete overhaul for Tron (normies receive USDT on Tron)
- EUR stables w/ liquidity
- Better frontends & standards
- More competition & options for minimal hardware wallets
- Range order management for Uniswap V4
- Significantly less volatile, reliable, long-term sustainable and high liquidity SoVs (BTC and ETH are far too erratic)
- Integration into widely adopted payment networks, both global and domestic
- Some inaccessible assets tokenised as RWAs
- Farcaster with bustling non-crypto content/discussions 44 replies
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