Should Publish0x Shift to L2 or Stay on L1 Blockchain?
After Ethereum increased the SLoad function, it literally kills a lot of projects built on top of it.
Why?
Gas fee for each transaction skyrocketed through the roof especially during the bull market.
When the Gwei is off the top, even one transaction can cost us a small fortune.
This alone is reasoned enough for Publish0x to look for alternative viable solutions.
Sure, L2 blockchain such as Optimism and Arbitrum offers a very tempted stats to make them a viable alternative for Publish0x. Unfortunately, bridge got hacks all the times.
We’ve already seen the famous bridge hacks, which are:
- Qubit Bridge — $80 million worth of cryptocurrency stolen
- Meter.io Bridge — $4.2 million worth of cryptocurrency stolen
- Wormhole Bridge — $320 million worth of cryptocurrency stolen
- Poly Network bridge — $611 million worth of cryptocurrency stolen
- Ronin Bridge — $540 million worth of Ethereum and USDC stablecoin stolen
On top of that, even the Ethereum co-founder Vitalik Buterin just shot his fire towards all L2 blockchain for their “backdoor”. This alone defeats the sole purpose of crypto mantra; decentralization.
In my opinion, looking for accommodating L1 blockchain for Publish0x vision and mission is way better in the long run. We need L1 blockchain with:
- EVM compatibility with decentralized validators
- Supports IBC protocol
- Low transaction fee
- 100% uptime
- Fast finality
One L1 blockchain that fits these description would be HAQQ Network. HAQQ is an EVM compatible L1 blockchain, based on Cosmos SDK. Its technology enables any smart contract created on other EVM blockchains to be redeployed onto the HAQQ Network without any changes needed.
HAQQ allocates $40+M for Web3 development grants. Since Publish0x is one of Web3 project with clear market fit, it would be a no brainer move to apply for this grant. Let’s be real, we’ve seen way too many poo projects in the H-money land. It’s almost refreshing to even find few good one nowadays.
If you’re developers or founders, feel free to forward your inquiries in HAQQ Discord.
If you find this post beneficial; consider to leave a like, comment and share it to spread awareness 😎
Resources
- What Are Blockchain Bridges and Why Do They Keep Getting Hacked? | WIRED
- https://www.publish0x.com/bitcoin-price-drop-what-just-happened/legendary-hacker-the-white-hat-into-the-rescue-xyyeoml
- Breaking: Vitalik Reveals All Ethereum L2’s Have Backdoors (coingape.com)
- https://haqq.network/
- https://haqq.network/ecosystem-fund
Disclaimer: This post is originally published by me on Publish0x.
