Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Sidechain Observer - Projects & current state of development
by
d5000
on 22/06/2024, 18:46:32 UTC
⭐ Merited by dkbit98 (1)
Thank you for that interesting screenshot! That's indeed the impression I'm getting too, that most "L2s" are more or less traditional shitcoins with some wBTC-style bridging, but few have really mechanisms qualifying them as a "sidechain" or "rollup" with a convincing, decentralized 2-way-peg.

I've done some googling and found BitcoinLayers.org, which seems to be the origin of the screenshot. It's a very interesting website, and they've done basically what I'm doing in this thread but with a much more systematic approach. They do a risk analysis of a couple of known layer-2's, their categories being Bridge custody, Data availability, network operators and settlement assurance (that seem to be these green, yellow and red icons).

It's really shocking that apart from Lightning all other projects have at least one point marked in red. This could of course mean that the site is run by "Lightning network fans", but I think in general the criticism they do on the existing projects is mostly valid. Have to dig a bit deeper though.