Unchained

Debate: Should Stablecoin Chains Have an Ethereum L2 or Their Own L1? - Ep. 907

29 snips
Sep 19, 2025
In this insightful discussion, Haonan Li, CEO of Codex, advocates for building a stablecoin-focused Ethereum L2 aimed at enhancing user experience in payments, while Justin Bons, founder of Cyber Capital, pushes for alternative L1 strategies emphasizing decentralization. They explore the role of Stripe’s Tempo, the importance of neutrality in blockchain, and the potential risks of fragmentation for stablecoins. The conversation also dives into the future of rollups, sequencer power, and the rise of protocol-native stablecoins in the ever-evolving blockchain landscape.
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INSIGHT

Tempo As A First-Principles Move

  • Stripe's Tempo decision reflects first-principles reasoning about decentralization and permissionlessness.
  • Building an independent L1 can be a rational business move when L2 decentralization timelines are vague.
INSIGHT

Value Of Lindy L1 Codebases

  • Long-lived, battle-tested L1 codebases provide robustness that newcomers may lack.
  • Haonan argues L2s can inherit that robustness by minimizing differences from Ethereum's client implementations.
INSIGHT

Current L2 Centralization Problem

  • Many top L2s currently operate with centralized controls that undermine security guarantees.
  • That practical centralization weakens claims that L2s are currently more decentralized than alt-L1s.
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