Layer-2 network to launch a decentralized sequencer pool

cointelegraph.com:

In their quest for scalability and cost-effectiveness, many layer-2 networks adopt a centralized approach to on-chain transaction processing, introducing a single point of failure vulnerability. The Metis blockchain, however, has pioneered a distributed sequencer pool to improve security and decentralization.

The Ethereum blockchain introduced smart contracts to automate certain events on the network, laying the foundation of decentralized finance (DeFi). As the DeFi ecosystem continues its exponential growth, however, the limitations of Ethereum have become clear.

Despite last year’s migration to proof-of-stake, partially addressing the scalability issues of the Ethereum blockchain, the Ethereum network remains expensive when it comes to gas fees — the cost of each transaction executed on the blockchain. On top of that, the huge decentralized world built on Ethereum makes network congestion on the base layer a regular occurrence.

Thanks to the decentralized and open-source nature of the Ethereum blockchain, developers have built numerous networks on top of the base layer — called “layer-2 blockchains” — to fix specific limitations. Soon after, layer-2 (L2) networks that offer faster transaction speed or lower gas fees, including Arbitrum and Optimism, emerged.

However, one common aspect found in most layer-2 projects is that they rely on a single sequencer, which creates a vulnerability linked to centralization. But what exactly is a sequencer?

In blockchain terms, a sequencer operates like a traffic controller for on-chain transactions. A blockchain sequencer first collects on-chain transactions that would be included in a specific block. It puts transactions in order — an essential step for the network to function