Do layered scaling and tokenization remove intermediaries, or add them?
Scaling & L2 · 3 participants · 4 quotes · 2026-09-29 ~ 2026-09-29
After Julian Ma of EF RIG summarized that proper tokenization and layered scaling remove intermediaries and add customizability, donnoh of L2BEAT countered in a single line that 'layers add intermediaries', and the two split over a core premise of the L2 scaling narrative.
Background
Layered scaling is a scaling strategy that increases throughput by stacking multiple layers, such as L2 rollups, on top of Ethereum L1. In this narrative, tokenized assets make the chain itself the official ledger, which removes the custody and settlement intermediaries of traditional finance. L2BEAT, by contrast, has continuously assessed the new trust assumptions each L2 introduces, including sequencers, bridges and proof systems, and holds that every additional layer can itself be a new intermediary. The exchange took place in a thread where Julian Ma crowdsourced topics for a university lecture on tokenization.
Why it matters
This scene condenses into a single exchange the gap between the official optimistic narrative of the L2-centered scaling strategy and the view of those who have been monitoring L2 trust assumptions. As companies such as Robinhood adopt asset tokenization more widely, the tension over whether layers bring disintermediation or insert new intermediaries will only grow. What remains to be seen is what counterparty risk each layer's trust assumptions leave for users.
Key points
- Do tokenization and layered scaling remove the intermediaries of traditional finance, or do they add new trust parties (layers) such as sequencers and bridges?
- Does disintermediation actually happen in a structure where the chain becomes the ledger of record?
- Is what a layer adds 'customizability' or 'intermediaries'?
For — Done right, it removes intermediaries
Julian
- Properly done tokenization removes the intermediaries of traditional finance instead of creating new ones.
- Layered scaling is the driving force that leads companies such as Robinhood to program their businesses and tokenize assets, and layers add customizability.
Against — Layers add intermediaries
donnoh.gwei 💗
- Countering the framing that layers add customizability, he argues that layers add intermediaries, such as sequencers and bridges.
Other — Tokenization optimism
binji
- It is useful to frame tokenization by its outcome, programmability. Tokenization does for value what the internet did for information.