The recent hack that led to the temporary halt of block production on the Ethereum layer-2 blockchain Linea serves as a reminder of the urgency for layer-2 firms to prioritize decentralization, according to Alex Gluchowski, CEO of Matter Labs. On June 2, a hacker exploited the Linea-based decentralized exchange Velocore, resulting in the transfer of more than $2.6 million in Ether. Linea has since resumed block production, but Gluchowski emphasized the necessity for decentralization on Ethereum layer-2. In response, Linea’s product lead, Declan Fox, acknowledged the importance of decentralization while assuring that the network is making progress toward achieving it. Linea had previously announced its campaign, “The Linea Voyage: Surge,” which aims to increase the total value locked on the blockchain to $3 billion. However, some critics questioned this target in light of the recent hack. Linea’s decision to halt block production was a last resort to prevent further funds from being compromised. The hacker exploited Velocore, moving 700 Ether off Linea via a third-party bridge. Linea plans to decentralize its network in the future to prevent similar incidents and address censorship concerns. Meanwhile, Velocore is working with external networks to compensate affected victims. It is worth noting that most Ethereum layer-2 solutions, including Base, remain centralized. Coinbase currently acts as the sole sequencer of Base, but the firm intends to gradually decentralize it over time.
Deceleration of Ethereum L2s' decentralization brought to light by Linea blockchain pause