According to a previous report by Zombit, the narrative and development potential of the Bitcoin Layer 2 track has attracted many development teams to participate in its construction. Recently, Mezo, a Bitcoin Layer 2 network developer, announced that it has completed a $21 million Series A financing led by Pantera Capital. Other participating institutions include Multicoin, Hack VC, and Draper Associates.
However, the emergence of numerous Bitcoin Layer 2 networks, which vary in quality and are filled with capitalist tendencies, seems to have caused dissatisfaction among some developers in the Bitcoin native community.
Mempool developer Mononaut criticized these so-called Bitcoin Layer 2 projects, using Mezo as an example on the X platform, and condemned them as scams packaged as “Bitcoin Layer 2.”
In a tweet, Mononaut criticized:
If a Bitcoin Layer 2 project does not support “unilateral exit” (the ability to exit L1 without the consent or participation of other users or operators), then it is not a true L2 but a multisig.
If a Bitcoin Layer 2 project has VC investors and its own token, then it is not a true L2. These tokens are just junk coins used to drive up sales, not L2.
If a Bitcoin Layer 2 project provides “mutual rewards” based on the deposit amount of user friends, then it is not a true L2 but a Ponzi scheme.
If a Bitcoin Layer 2 project is supported by an upgradeable Ethereum contract controlled by a single company, then it is not a true L2 but a scam project that can rug at any time.
If a Bitcoin Layer 2 project offers rewards to lock up users’ tokens for as long as possible, then it is not L2 but Hex 3.0 (a notorious Ponzi project in the cryptocurrency industry).
If a Bitcoin Layer 2 project claims to be Bitcoin-native but is actually an Ethereum multisig contract, then it is not a true L2 but a deceptive scam.
If a Bitcoin Layer 2 project does not have a whitepaper or technical details, and only has a 20-page document explaining how to deposit BTC and calculate future profits, then it is a Bitconnect with a fake beard (a collapsed cryptocurrency lending platform).
In fact, the Bitcoin community seems to have never reached a consensus on the definition of L2. According to a previous report by Zombit, Ajian, the editor-in-chief of Bitcoin content platform BTC Study, criticized the approach of building sidechains for Bitcoin using EVM (or similar state models) on the community platform, apart from being arrogant and thoughtless, there is no other comment-worthy aspect.
In addition, the editorial committee of the foreign media “Bitcoin Magazine” has also published a press release emphasizing the media’s definition of “Bitcoin Layer 2”.
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…