Decentralizing Sequencers >

Max believes that if L2s were serious they would actually prioritize decentralizing their sequencers and that achieving it is trivial given we have all of the pieces required for that (consensus) live across…every L1. This is one of the few items I’m willing to push back on, but only slightly. I like PoA/rotator models as a middle ground between fully decentralized consensus because it lets L2s operate without the performance overhead of full consensus and will avoid introducing the misaligned incentives of L2s being fully formed blockchains themselves (increasing the likelihood that they become L1s). Models like @megaeth_labs come to mind, where they will have a rotating set of sequencers based on time of day (e.g. A server in US takes the leader during US hours)

“Users are the lifeblood of Ethereum” >

Max notes that the current problem right now is that users are being taken from mainnet for same-usecases and are thus parasitic (s/o @KyleSamani ). He frames the world as a spectrum of applications requiring various properties (decentralization, permissionlessness, etc) and that the problem right now is the complete overlap between Ethereum and L2s for any given application. His perfect world is DeFi on Ethereum - additive applications (paying for coffee) on L2s. I completely agree here, and to visualize made a graphic of the current paradigm vs how it would be in a symbiotic world.

Of course you’d always have overlap to the discretion of users but the main idea is to align incentives and up L1 performance to the point where users would know Ethereum preserves strong decentralization properties and thus should be used for high-value transactions while L2s increased UX and lack of decentralization would be sufficient for lower-value ones. I maintain that “moneyness” gained from L2s does not outweigh the loss in execution on mainnet and the largest ETH problem to-date is still messaging: https://x.com/0xBreadguy/status/1830571173999964278… s/o @eawosikaa my other messaging warrior

Based Rollups >

Max dubs Based constructions the more “aligned” version of L2s because they user Ethereum for sequencing and forgo (some) execution rewards and because improvements to mainnet would benefit both Based Rollup UX as well as L1 capacity (block times being front of mind). He also proposes the idea of “Super Based” rollups which include user protections in the block as opposed to maximized for block builder rewards. Had Ethereum started with Based then it would be in a much better place because of aligned incentives and ecosystem direction. Couldn’t be more in-line with my own thoughts, and he went on to note that it’s unfortunate they came along late in the game because the incentives aren’t there to convert existing constructions to Based (which I’ve commented on previously: https://x.com/0xBreadguy/status/1830221991749484630…). Teams are pushing for it, but it might be too late. Becoming a Max stan. I’d also like to add that Gwenyth Taiko is a based construction with a property that I think would make an L2 truly an Ethereum Network Extension TM: atomic composability with L1 contracts.

“Are L2s Ethereum?

Optimistic vs ZK >

Max notes that ZK is the superior tech but Optimistic has taken not only marketshare because it was ready early, but commandeered some of the Ethereum roadmap because of it’s prominence. He think EF should come back to center and work to put efforts into improving the alignment between mainnet and ZK. Also notes that ZK helps in the area where it’s needed (bandwidth) vs where Optimistic helps (execution). I have less strong opinions here as I’ve also thought ZK was the better tech but knew it had research overhead still to be done. I will note that he calls out ZK state diffs being posted to mainnet and while you make up on bandwidth there they are also lossy in that you lose intra-batch history. (e.g. A->B, B->C is seen as A->C)

Ethereum Needs to 100x Throughput >

Max specifically calls out targeting a “100x” improvement in Ethereum through various proposals such as shorter block times, Multiple Concurrent Proposers, etc so that it is brought to parity with the remainder of the blockchain landscape. I thought this was another good opportunity for a visual and showing what “100x” looks like in the context of a chain like Solana. Here is what the data throughput is of Bitcoin, Ethereum, Solana and 100x Eth look like today:

You can see that even with a 100x improvement (that Vitalik is skeptical can be achieved while preserving Ethereum values) it’s still multiples behind Solana. I don’t think the endeavor should be perceived as out of the question given all the synergies it pulls forward.

Other Notes >

He comments that the roadmap has been somewhat commandeered by Optimistic teams in favor of ZK, despite it being superior tech, and that it should return to center. >He’s increasingly skeptical that Arbitrum and Base will maneuver in favor of Ethereum broadly because of their corporate gov structure and what they would have to give up (e.g. user fees). > He also noted Base somewhat gouging their customers on fees above and beyond their rent to mainnet relative to other L2s > He predicts that L2 tokens will lose value and as a reaction to that teams will scramble to eat away at ETH value prop within their ecosystem to give value to their own token. It’s all about incentives. > In the end he emphasized that Etheruem is full of good people building for good, but perhaps have just strayed from the best way to achieve their collective goal.

FIN.

All in all it was a great listen from a non-typical perspective and I recommend a listen. He largely aligns with my overall thoughts on direction and am hopeful Ethereum heeds at least a few items. I loved one particular quote so much I want to end on it: “I don’t think people expected the Ethereum endgame to be a cheap undifferentiated DA layer with a bunch of powerful companies building on top of it harvesting as much rent as they can from that monopoly” Oof.

My comments on @MaxResnick1‘s @BanklessHQ interview

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