Ethereum Layer-2s Winning Adoption War With Bitcoin’s Lightning Network: Coinbase CEO Brian Armstrong
Coinbase CEO Brian Armstrong says that the scaling solutions for Ethereum (ETH) have a better adoption rate than Bitcoin’s (BTC) Lightning Network.
In a recent earnings call, Armstrong says that Ethereum’s scaling solutions, such as Polygon (MATIC), Optimism (OP) and Arbitrum (ARB), are seeing heavy adoption.
“We’ve been taking a fresh look at it [Lightning Network], and there’s been a number of really great teams from different companies working on open source solutions and some proprietary ones that are trying to help advance the state of technology there. I think the Layer-2 solutions on Ethereum, like Polygon and Optimism and Arbitrum, Base [Coinbase’s layer 2 network built on Ethereum] is built on one of those, Optimism, have — they’ve actually gotten more adoption.”
According to the Coinbase CEO, scaling solutions can enhance the adoption level by becoming more user-friendly.
“A lot of it comes down to usability challenges as well.
If you’re an average user, they don’t really want to know or maybe they don’t even care about these — what is it doing underneath, like the average user doesn’t want to have to learn how to bridge from Layer 1 to Layer 2 to send their payment. They just want to pay for something and it ‘just works.’
I think what needs to happen, and this is something Coinbase can really help with is we can make this seamless in the background.
If somebody goes to pay for something online or a friend or a remittance payment or something like that, it should really negotiate — almost do a handshake underneath that would say, OK, what types of cryptocurrencies on what chains and is this recipient accepting, and which ones do I have? And it would basically do the bridge or the conversion in real time for you underneath. And so, you would just see the amount of dollars or something like that going over the wire, and it arrives in one second with $0.01…
And you don’t have to worry about Layer 2 and all these kinds of things. That’s the ideal outcome we need to get to…”
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