> hybrid federated custody
That's a hoax, it's Shroedinger's node, key distribution can't be verified and there's still centralized infrastructure
> Eventually we will have a noncustodial ecash token that is directly redeemable for bitcoin on L1
lol no... thats not how any of this works... anyone claiming that can be done is selling a perpetual motion machine, the physics of the chain are immutable.
Lightning as the only real L2 is how it is because it recognizes this, its just re-usable on chain transactions.
