Ava Labs founder: Beware of junk L2 projects, the key is whether the project can solve the biggest problems in cryptocurrency today

ChainCatcher news, Ava Labs founder Emin Gün Sirer tweeted a warning that the cryptocurrency space needs to remain highly vigilant against junk L2 projects. It is now very easy to build junk L2 networks, which can change every other day like some chains, and some people are just imitating those who are genuinely doing the work, while also wanting to take photos with Vitalik.

He listed several characteristics of junk L2 projects, such as:

• The project description does not align with the technical reality. For example, centralized orderers and L2 networks lacking fraud proofs are contrary to the principles of cryptocurrency.

• The project sells tokens to raise funds, but the future technology is not clearly defined; such behavior may constitute a securities offering.

• Founders sell their personal tokens before the launch, violating team restrictions. Eight-figure sales under the pretext of "thanking employees" are similar to SBF's actions.

• There are very few circulating tokens, which may be subject to manipulation and lending.

• Founders complain about running out of cocaine, which is unethical.

He suggests assessing a project's value by checking whether it can address the biggest problems currently facing cryptocurrency.