Linea’s choice to cease producing Ethereum Tier 2 blocks after the hack highlights the necessity for Tier 2 companies to prioritize decentralization sooner, says Alex Gluchovsky, CEO of Matter Labs.
On June 2, greater than $2.6 million in Ether (ETH) was transferred from Linea, launched by Consensys, after a hacker managed to use Linea-based decentralized trade Velocore, Linea defined in an X submit.
Linea has since resumed block manufacturing, however the staff’s choice to close down the zkEVM blockchain demonstrated the necessity for decentralization on the Ethereum stage that Glukhovsky identified.
“Decentralization of the sequencer isn’t necessary. Each severe L2 stack must be first within the race,” stated Gluchowski, whose agency is behind one among Linea’s opponents in zkSync.
He obtained a response from Linea’s head of product, Declan Fox, who agreed that decentralization was not an possibility, however careworn that the community was on a “stable path” to decentralize in a a lot shorter timeframe than a lot of its rivals.
“Contemplating that many Rollup frameworks older than us by greater than 2 years will not be forward, I am very proud of our tempo.”
In April, Linea introduced its “The Linea Voyage: Surge” marketing campaign, which is able to intention to extend Linea’s whole worth to $3 billion. In keeping with L2BEAT, simply over $1.2 billion is at present locked within the blockchain.
Nonetheless, one observer criticized the agency for setting such a goal in gentle of the current hack.
Stopping the Linea was a “final resort”.
The Linea staff stated it had no selection however to cease its sequencer to stop extra funds from making the change.
“This was a last-ditch measure to guard Linea customers.”
Linea stated it was notified of the Hexagate hack, which helped monitor stolen person funds, susceptible sensible contracts and exploiter addresses. Linea stated it couldn’t instantly contact Velocore because it was “the nighttime” of their time zone.
“Like different L2s, we’re nonetheless within the ‘coaching wheels’ stage of existence, which supplies us ensures to make use of.”
The hacker used the Linea-based Velocore DEX, which moved 700 ether price greater than $2.6 million from Linea by means of a third-party bridge.
The sequencer was suspended between blocks 5081800 and 5081801.
The agency emphasised its intention to decentralize the Linea community sooner or later, together with its sequencer, which might forestall the agency from stopping block manufacturing and censoring addresses.
In the meantime, Velocore stated it was working with the exterior networks concerned to compensate these affected.
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Linea emphasised that its community stays safe.
Consensys launched Linea in August 2023, connecting greater than 50 companions and surpassing greater than $26 million in ether at the moment.
Nearly all Ethereum layer 2 options stay centralized, together with Base.
In keeping with L2BEAT knowledge, Coinbase is at present the one Base sequencer. Nonetheless, the agency additionally acknowledged its intention to steadily decentralize Base over time.
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