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Monday, June 3, 2024
HomeCryptoLinea had to pause the blockchain highlighting Ethereum L2's weakness

Linea had to pause the blockchain highlighting Ethereum L2’s weakness

Alex Gluchowski, CEO of Matter Labs, emphasized that Ethereum L2 Linea’s decision to stop block production following the recent hack shows the need to prioritize decentralization for Layer-2s.

On June 2, more than 2.6 million USD (ETH) was transferred from Linea due to hackers exploiting Linea-based decentralized exchange Velocore, as explained in an X post by Linea.

Source: Linea
Source: Linea

Linea resumed block production after the hack, but the decision to pause the zkEVM blockchain highlighted the need for decentralization within the Ethereum layer, a point highlighted by Matter Labs’ Alex Gluchowski. Gluchowski, the company behind rival zkSync, asserts that decentralizing the sequencer is not optional and that any serious L2 stack should get it done quickly.

Declan Fox, Linea’s head of product, agrees that decentralization is not optional and says the network is on a “solid path” to achieving decentralization in much less time than many rivals compete.

Linea announced “The Linea Voyage: Surge” campaign in April, aiming to increase the total value locked (TVL) on Linea to $3 billion. According to L2BEAT, there are currently over 1.2 billion USD locked on the blockchain. However, some have criticized the company for setting this target following the recent hack.

The Linea team said it had no choice but to pause its sequencer to prevent additional funds from being spent.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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