one thing i think bitcoiners lose sight of is that we have successfully launched the largest and most decentralized layer-2 payment network (after credit cards)

there is no other ecosystem that has achieved this. most L2s on other ecosystems dont even get close to the *Liquid* federation’s level of decentralization. they just use centralized servers and a manually coordinated multisig

that brings with it a real cost: decentralization is expensive. duplication is basically the bedrock of decentralization but that also kills “efficiency of liquidity”, which is basically what every post-LN improvement is trying to fix

upgrades happen in phases: we try going left, discover problems and course correct to go more right etc

I’d expect the next iteration of “shared utxo” protocols to be more centralized in terms of liquidity, with the tradeoff of far more consensus design work (who all needs to agree on the current state of the world for us to move forward?)