Alex Gluchowski, CEO of Matter Labs, says Linea’s decision to halt block production following its hack highlights the need for layer 2 companies to prioritize decentralization sooner rather than later.
On June 2, more than $2.6 million worth of Ethereum (ETH) was transferred from Consensys-launched Linea after a hacker was able to exploit the Linea-based decentralized Velocore platform, Linea explained in a Article X.
Linea has since resumed block production, but the team’s decision to shut down the zkEVM blockchain demonstrated the need for decentralization on the Ethereum layer and Gluchowski noted this.
“Sequencer decentralization is not optional. “Any serious L2 stack should strive to get there first,” said Gluchowski, whose company is behind one of Linea’s competitors in zkSync.
He received a response from Linea product manager Declan Fox, who agreed that decentralization is not an option, but stressed that the network is on a “strong path” towards decentralization in a much longer time frame. shorter than many of its competitors.
“Given that many of the cumulative frameworks that have been around for more than two years are no longer further along than we are, I am very pleased with the pace we are taking.”
Linea announced its “The Linea Voyage: Surge” campaign in April, which aims to increase the total value locked on Linea to $3 billion. According to L2BEAT, there is currently just over $1.2 billion locked on the blockchain.
However, one viewer criticized the company for setting such a target in light of the recent hack.
Linnea’s ruling was a “last resort” measure.
Linea’s team said it had no choice but to shut down its sequencer to avoid the influx of additional funds.
“This was the latest measure to protect Linea users.”
Linea said it received notification of the Hexagate hack, which helped trace stolen user funds, vulnerable smart contracts and exploiter addresses. Linea said they were not able to contact Velocore immediately because it was “the middle of the night” in their time zone.
“Like other L2 languages, we are still at the ‘wheels’ stage, which gives us guarantees to use them. »
The hacker exploited Linea-based DEX Velocore, which moved 700 ether – worth over $2.6 million – out of Linea via a third-party bridge.
The sequencer is paused between blocks 5081800 and 5081801.
The company highlighted its intention to decentralize the Linea network in the future, including its serializer, which will save the company from stopping block production and monitoring addresses.
Meanwhile, Velocore said it was working with the third-party networks involved to provide compensation to affected victims.
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Linnea stressed that its network remains safe and secure.
Consensys launched Linea in August 2023, onboarding over 50 partners and generating over $26 million in ETH at the time.
Almost all Ethereum layer 2 solutions remain centralized, including Base.
According to L2BEAT data, Coinbase is currently the only Base serializer. However, the company also confirmed plans to gradually decentralize Base over time.
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