Why CMT Digital Changed Its Mind About Ethereum L2s

Ajouté : 2026-05-17

[00:00:00]I think one that is interesting to think about is how we've seen L2s and Ethereum's scaling uh strategy kind of evolve and change over time. Yeah. You know, I think it's two-pronged. So, L2s really didn't adopt the security and kind of value accrual frameworks that Ethereum expected them to. And so, we saw L2s becoming somewhat cannibalistic to Ethereum. And we didn't think that would happen. We thought that the L2s would want to be aligned with Ethereum because they wanted to derive their security from Ethereum.

[00:00:36]>> Yeah. But, they just haven't.

[00:00:38]>> Yeah. And so, we don't This is not to say that there isn't room for L2s. I still think that there is opportunity for L2s to exist and provide meaningfully differentiated block space to Ethereum, but to inherit the security of Ethereum and to, you know, make use of posting data availability to Ethereum. I think EIP-4844 was almost too effective in reducing the fees, and so we haven't seen that value accrual back to Ethereum, but >> Yeah.

[00:01:11]it's early days for Ethereum. And and I know they've come up with an updated roadmap in the past year.

[00:01:17]I'm eagerly tracking that to see how that affects kind of the state of the network, but that's one that we moved away from because we saw that L2s just weren't validating the original thesis.

[00:01:29]>> Wow.