According to Ethereum co-founder Vitalik Buterin, he praised the decentralized approach of Ethereum Layer 2 Base in response to recent concerns about Base sequencers and whether they should be considered exchanges.
“Base operates the right way: as a Layer 2 network on Ethereum, leveraging centralized advantages to enhance user experience while relying on Ethereum's decentralized base layer for security,” Vitalik Buterin stated on Tuesday.
He added that Coinbase's Layer 2 network does not control user funds and cannot misappropriate or prevent users from withdrawing their funds.
He further pointed out that a true Layer 2 network is non-custodial. “They are an extension of Ethereum, not just a hash value submission server.”
Buterin's remarks come amid recent questions regarding the definition of Layer 2 networks and centralization issues. With SEC Commissioner Hester Peirce's comments on September 7 in a podcast, L2 has become a focal point in the industry.
Many Layer 2 networks use centralized transaction ordering to improve rates and prevent bots from front-running. According to Peirce, if these “matching engines” are similar to centralized exchanges, they may face regulatory implications.
She stated that if the assets being “matched” are not securities, “then we don’t have much to say about it.”
According to Coinbase Chief Legal Officer Paul Grewal, referring to Layer 2 sequencers like Base as “exchanges” is actually a misunderstanding of their role and function.
He noted that the SEC defines an “exchange” as a platform that provides a market for the buying and selling of securities, adding that Layer 2 networks operate as “general-purpose blockchains functioning as infrastructure.”
These networks process messages through code, call smart contracts, and batch all transactions (including payments, calls, and messages).
He claimed that he likens Layer 2 networks like Base to Amazon Web Services (AWS): both run code provided by developers, including exchange applications, but that does not mean the infrastructure provider itself is an exchange.
According to Base co-founder Jesse Pollak, he then elaborated on how the sequencer operates.
He stated that users can trade through the Base sequencer or directly on the Ethereum mainnet, always maintaining complete decentralization and censorship resistance.
He clarified that the sequencer does not act as a “matching engine” of a traditional exchange.
According to industry perspectives, if Layer 2 networks are classified as exchanges, they would have to register with the SEC as securities exchanges and comply with complex regulatory requirements. This could lead to operational restrictions, raising concerns within the industry.
Related: ETHZilla launches a new $350 million fund to bet on Ethereum (ETH)
Original article: “Vitalik Buterin Praises Base Scaling Solution as the ‘Right Path,’ Dispelling L2 Sequencer FUD”
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