How do you view the customization of the OP Stack Gas Token?
Original author: Haotian
Recently, there have been many discussions about the future trends of layer 2. The general direction set by @VitalikButerin is: a diversified ecosystem with a focus on layer 2-Centric (implying that layer 2 children have to strive on their own, as Ethereum dad can no longer carry them), and Gas Token is the key to support the independent economy of layer 2. Next, let me briefly share my thoughts:
- Gas Token with ETH Token as the layer 2 and the ability to rely on Ethereum Mainnet DA were once regarded as the key to the “legitimacy” of laye 2, but now the exclusive DA territory has been breached, and the status of Gas Token has also been shaken. **Layer 2 is moving away from the preset extension route originally attached to the Ethereum Mainnet to become a more autonomous, flexible, and more “independent public chain” route. **
The functional detachment of DA is due to the OP Stack providing the foundation for “One-Click Chaining,” and many developers who prefer low-cost options will choose DA component services other than Ethereum. The detachment of Gas Token is because the Ethereum layer 2 ecosystem economy has fallen into a “lack of growth” dilemma and needs the native token to provide a bottom incentive.
- The first to use the layer 2 native Token as a gas token was @Metis L2, as a Ethereum cutting-edge layer 2 project, Metis has always taken an unusual path, such as Decentralization Sequencer, hybrid rollup, and $METIS as the native gas token. In retrospect, it seems that Metis’ roads are becoming more and more “ordinary”.
In fact, from the current Metis Mainnet TVL, transaction fees, DApp application deployment and other data, when the decentralized Sequencer goes live, LSD Staking mining mechanism goes live, LRT re-staking platform emerges, Metis’ native DeFi economy shows strong growth potential.
**Obviously, the route that OP Stack has taken with the Metis is no different. The launch of customizable Gas Tokens by OP Stack is also based on the use of autonomous tokens to incentivize the ecosystem, such as subsidizing the transaction operation costs of platform applications, subsidizing user transaction fees, donating, or rewarding developers to layout the ecosystem, and so on. These are all advantages that autonomous Gas Tokens will have.
- long people are worried that the layer 2 uses its own gas token, so there will be fewer application scenarios for the ETH, and the “empowering” value of the layer 2 to the Ethereum Mainnet will be less, but in fact, this concern is not necessary.
Because, as long as layer 2 wants to batch transactions to the mainnet, ETH must be used as the settlement token. Only when the economic system of layer 2 itself is activated, a large number of batch transactions and settlement actions will be generated, and the Ethereum mainnet can truly benefit, instead of simply consuming $ETH as a Gas Token in layer 2, it would be more effective to increase the user base and transaction volume and rely on its own Gas Burn destruction, wouldn’t it?
From a different perspective, to allow native ETH to flow into layer 2 for circulation, it requires cross-chain bridges. Users will only receive a Wrapped version of ETH, which is difficult to be considered as an absolute trusted asset for generating value in layer 2 lending and other DeFi protocols. After all, there is an additional layer of cross-chain trust cost. Users clearly prefer to conduct such DeFi interactions on the mainnet.
However, if the Gas Token of layer 2 itself is taken as the main circulating medium, it may not be the case. Like Metis, it provides incentives to decentralized Sequencers, extra subsidies to DeFi projects, and generates a flywheel effect between Sequencer mining and DeFi. No matter how you look at it, making an independent Gas Token for layer 2 seems to be an inevitable choice to revitalize the layer 2 ecosystem.
- After the upgrade of Ethereum from Cancun, the Rollup layer 2s have already received the support of the Ethereum mainnet. On the one hand, the cost of DA after the Cancun upgrade has indeed decreased a lot, and the usage load and fees of Blob space are still within a controllable range, and even the potential has not been fully tapped; on the other hand, the upgrade of Ethereum sharding will have a weak effect on the gains of Rollup, and the long-term benefits of ZK-SNARKs, Ethereum DAS, and light clients are also difficult to directly benefit layer 2.
Layer 2 can no longer rely on the expectation of upgrading the mainnet to boost its growth expectation. Layer 2s are now at a critical moment of turning the tide, striving for all favorable conditions for independent, flexible, and diversified development.
In my opinion, this is the true purpose of Vitalik discussing the diversification of layer 2 systems. In the future, Ethereum’s layer 2 can only become part of the Ethereum ecosystem if it explores a self-driven growth ecosystem that goes beyond functional and business model differences. The development path of layer 2 that relies solely on the mainnet and temporary incentives of governance tokens, without any core growth driving force itself, is destined to be unsustainable.
