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The founder of Mempool pointed out the current chaos in Bitcoin L2 projects, and the founder of Ordinals agreed with this

The founder of Mempool pointed out the current chaos in Bitcoin L2 projects, and the founder of Ordinals agreed with this

2024/04/11 06:14

PANews reported on April 11 that Mononaut, the anonymous developer behind Bitcoin browser Mempool, stated on platform X: "If a Bitcoin L2 project does not support unilateral exit, then it is not a real L2 but multisig; if a Bitcoin L2 project has VC investors and its own tokens, then it is not a real L2. Such tokens are junk coins for pumping and dumping rather than L2. If a Bitcoin L2 project offers 'reciprocal rewards' based on how much users' friends deposit, then it's not really an L2 but rather a Ponzi scheme; if a Bitcoin L2 project is supported by an upgradable Ethereum contract controlled by one company, then it's not really an L2 but potentially fraudulent; if any bitcoin layer-2 solution provides incentives to lock user tokens as long as possible, this isn't layer-2—it’s Hex 3.0; If some bitcoin Layer-2 claims to be native to bitcoin but in reality just an ethereum multi-signature contract—this isn’t Layer-2—it’s deceptive fraud. If some bitcoin Layer-  Bitconnect with fake beard (a collapsed cryptocurrency lending platform)." Casey, the founder of Ordinals commented that "This is true."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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