ZachXBT Claims to Have Uncovered Identity of Mysterious 50x Hyperliquid Whale
Crypto investigator ZachXBT has reportedly identified the mysterious whale behind the notable 50x leveraged trades on Hyperliquid, sparking significant interest within the crypto community.
Ethereum Co-founder Joe Lubin Highlights Importance of Layer-2 Networks
Ethereum co-founder Joe Lubin recently spoke at the Digital Asset Summit, emphasizing the critical role of layer-2 (L2) scaling solutions in Ethereum’s future. Lubin stated that Ethereum’s ecosystem is mature enough to support innovative databases and scaling solutions, highlighting ConsenSys’ own L2 solution, Linea, and the upcoming MegaETH network.
“The Ethereum ecosystem is so big and so mature that it will be best for new kinds of databases — new kinds of layer 2 networks — to set up shop, as layer 2s of Ethereum. We have our own that has some great characteristics called Linea.”
Lubin also mentioned MegaETH as another promising layer-2 solution expected to launch soon, reinforcing his belief that Ethereum’s robust architecture and security will make it difficult for newer layer-1 chains to compete.
Investor Concerns Over Ethereum’s Layer-2 Approach
Despite Lubin’s optimism, investors have expressed concerns about Ethereum’s reliance on layer-2 networks. Critics argue that these solutions act as “parasitic” elements, draining revenue from Ethereum’s base layer without significantly contributing economic value.
- Ethereum’s average gas fees dropped by 95% following the Dencun upgrade in March 2024.
- This fee reduction led to a 99% collapse in Ethereum’s base-layer revenue by September 2024.
- Ether (ETH) prices have declined significantly, recently hitting a low of approximately $1,759.
- ETH ETFs have experienced continuous outflows for 11 consecutive days, with a notable $73.6 million withdrawn on March 13 alone.
Key Points:
- ZachXBT claims to have identified the mysterious Hyperliquid whale.
- Joe Lubin emphasizes Ethereum’s reliance on layer-2 scaling solutions.
- Investor skepticism grows amid declining Ethereum revenues and ETH prices.
- Continued ETF outflows reflect broader market uncertainty.
Related: Ethereum pushes back Pectra upgrade to conduct third testnet ‘Hoodi’
Magazine: MegaETH launch could save Ethereum… but at what cost?
