Polygon co-founder Sandeep Nailwal said Ethereum would become the dominant smart contract protocol, with all other competing Layer 1s being phased out.
Speaking to Ran Neuner on the Crypto Joke YouTube, Nailwal described his future vision for the crypto landscape:
“I don’t think there will be a multi-layer 2 environment. There will be a layer 1 environment; there will be a single layer 1, which is Ethereum in my mind.
User activity will occur on layers 2 that interact with the Ethereum base layer, Nailwal said.
Neuner said, “That’s a big statement” and asked Nailwal to elaborate on whether the likes of Solana, Aptos, Avalanche, and Cardano will eventually go extinct.
Nailwal said that none of the previously mentioned protocols demonstrated significant traction, nor their respective Layer 2s. With that, he said that no other chain can compete with Ethereum.
“I don’t see any significant pull on any of these strings.”
The video drew a wide range of comments – an user pointed out that Layer 2s exist to fix flaws in the base layer and that “new Layer 1s” do not require any fixes.
Others spoke of Nailwal’s myopia for rejecting the multi-channel future.
On February 21, Polygon announced it was cutting 20% of its workforce due to prevailing macroeconomic conditions.
Despite the downsizing, the company said it remains in a strong financial position – including cash in excess of $250 million and a MATIC war chest of up to 1.9 billion tokens, valued at around $2.7 billion.
Users mentioned a delay in block production that lasted approximately two o’clock February 22. nailwal attributed the problem to a problem with the native block explorer and recommended users are using OKLink in the meantime.