The MATIC inventor said that Ethereum will emerge as the dominant smart contract protocol and these 4 altcoins will drop. As Kriptokoin.com, we have compiled the explanations of the inventor of MATIC for you.
MATIC inventor stated future ideas
Speaking with Ran Neuner on the Crypto Banter YouTube channel, the MATIC founder explained his future vision for the crypto environment, saying, ‘There will be only one layer 1 with Ethereum in mind.’
Nailwal said that user activity will take place in layer 2s that interact with the Ethereum base layer. ‘This is a big reveal,’ Neuner said, asking Nailwal to clarify whether the likes of Solana, Aptos, Avalanche and Cardano will eventually disappear.
Nailwal said that none of the protocols mentioned earlier showed significant traction and did not have the corresponding layer 2s. He declared that with this, no other chain can compete with Ethereum. ‘I don’t see any significant traction on any of these chains,’ the statement said. said.
The video sparked a wide variety of comments. One user noted that the tier 2s exist to patch the flaws of the base tier and the ‘new tier 1s’ do not require patching. Others spoke of Nailwal’s narrow-mindedness as he ignored the multi-chain future.
Polygon troubles
On February 21, Polygon announced that it would cut 20% of its workforce due to current macroeconomic conditions. Despite the reduction in headcount, the company said it remains in a strong financial position, including cash availability of more than $250 million and a MATIC war chest of 1.9 billion tokens worth approximately $2.7 billion.
Users mentioned a delay of about two hours in block production on February 22. Nailwal attributed the problem to an issue with the native block explorer and advised users to use OKLink in the meantime. Ethereum (ETH) layer 2 protocol Polygon (MATIC) has revealed that it has laid off about 20% of its staff, according to a February 21 statement.
Polygon added that the layoffs affected about 100 positions at the firm. Affected employees will receive quarterly severance pay regardless of their position. In the statement, it was stated:
“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we are sharing the difficult news that we have reduced our team by 20%, impacting multiple teams and nearly 100 positions.”
Polygon said it remains financially healthy, noting that it has a balance of over $250 million and holds 1.9 billion MATIC tokens, worth approximately $2.7 billion at current value. Over the past year, many crypto firms have had to lay off some of their workforce due to challenging macroeconomic conditions and the dramatic deterioration in the crypto market.
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