Solana co-founder: Currently, all L2s rely on the "upgradable multi-signature" mechanism, which renders security guarantees virtually meaningless.

On October 27, Toly, co-founder of Solana, participated in discussions on social media stating, “The promise of L2 ≠ the reality of L2. To achieve a complete L2, its code complexity and potential Attack Surface are extremely large, so it is impossible to have no vulnerabilities, high performance, and complete functionality at the same time. Because of this, all current L2s rely on an upgrade multisig mechanism, which renders their originally claimed security guarantees meaningless. In the worst-case scenario, they all face the same risks as Wormhole. The multisig of L2 can spend all the funds in the cross-chain bridges. The multisig of Wormhole can also spend all the funds in the cross-chain bridges. It's that simple. The validators of Sui cannot unilaterally do anything. Even if they secretly pushed a certain patch to their nodes overnight—even if they controlled 100% of the stake—CEX, CEX, Tether, and all uncoordinated RPC nodes would reject that state, and the entire network would stop operating. But in the cases of L2 and Wormhole, no one would stop. Therefore, users who go through cross-chain bridges bear additional risks compared to native users.”