Founders of Altcoins Targeted by Ethereum (ETH) Founder Vitalik Buterin Speak Out! Here Are Their Answers

Ethereum ($ETH) founder Vitalik Buterin targeted some altcoins in statements he made last night.

Now, these altcoins have responded to Vitalik Buterin’s statements.

Buterin stated that L-2 networks now need to reinvent and redefine themselves. He pointed out that L2 networks were initially positioned to scale Ethereum, but that vision no longer holds true today.

Buterin also argued that many Layer 2 instances rely on security-vulnerable multi-signature bridges, while the Ethereum mainnet simultaneously increases its own transaction capacity. He asserted that Layer 2 instances should offer unique value beyond simply being a scaling solution.

Buterin sparked a new debate with these statements, and the leaders of the Optimism, Arbitrum, and Base networks responded to him.

Altcoin founders are opposing Buterin’s call for a redefinition, saying they have already been working in that direction.

Altcoin Founders’ Answers!

Optimism (OP) founder Karl Floersch, accepting Buterin’s challenge, stated: “However, this debate is not like the arguments with those who say ‘L2s are bad, Ethereum is nonsense’.”

Steven Goldfeder, co-founder of Offchain Labs, the developer of Arbitrum (ARB), stated that Arbitrum is not Ethereum, but it is a close ally.

Goldfeder stated that Arbitrum was developed not as a “service for Ethereum,” but because it provides a highly secure, low-cost payment layer that enables large-scale rollup transactions for Ethereum.

Base Response: We agree!

Finally, Base core developer Jesse Pollak argued that they agreed with Vitalik Buterin and had been moving in that direction from the beginning.

Pollak stated that Ethereum’s L1 scaling is a win for the entire ecosystem, and agreed that L2 scaling cannot simply be “a cheaper version of Ethereum.”

According to Pollak, Layer 2s shouldn’t just be cheaper versions of $ETH, but should offer differentiated features such as computational abstraction.

“L2s cannot and should not be just a cheaper version of Ethereum. That’s why, since Base’s inception, we’ve been working every day to bring in new users, developers, and applications, to push the technology forward, and to do all of this in a symbiotic way that will drive the ecosystem’s growth.”

*This is not investment advice.