Plasma. Other solutions involve the creation of new chains in various forms that derive their security separately from Mainnet, such as sidechains, validiums, or plasma chains. Validium. ETH is widely used as the core asset of Ethereum's Layer 2, so its rise is part of the reason for the increase in total value locked in. ZK-rollups are fantastic Layer 2 solutions and many believe them to be the best long-term scalability solution for Ethereum. Hybrid solutions Issues to Consider Ethereum Layer 2 scaling solutions need nuance. Demand to use Ethereum blockspace has exploded over the last year. This improvement is vast and represents relief from the main Ethereum chain. Starkware's ZK Rollup solution can theoretically scale Ethereum for over 50 million users while keeping fees below $0.01. Optimism. Ethereum Layer 2 Solutions. Arbitrum One and Optimism, two Optimistic Rollup solutions that collectively account for over 80% of the value locked in on Layer 2, saw their total locked in value increase by 9.3% and 10.3% respectively. Rollups can be segmented into two different types, optimistic rollups, and zk-rollups. Rollups are currently the preferred layer 2 solution for scaling Ethereum. Current layer scaling solutions include sidechains and on layer 2 state channels, optimistic rollups and zero knowledge rollups. However, the launch date of Phase 1 of Ethereum 2.0 is not set for a couple of years at the minimum, and Ethereum needs a scaling solution as soon as possible. . Layer2 solutions have different functions, like scaling payments, off-chain computation, or smart contracts. It's one of the most popular Layer 2 projects aiming to create "Ethereum's Internet of Blockchains." Bitcoin, Ethereum, Binance Smart Chain, and Solana are examples of layer-1 blockchains. At the time of writing, OMG, its native token, was trading at $6.11. It utilizes Starkware zk-rollups technology, processing up to 9,000 TPS for almost zero gas fees. On the bright side, this shows that Ethereum's young base layer is extremely useful and . The platform houses an SDK that developers use to create their applications. Another critical highlight of Arbitrum as one of the best Ethereum layer 2 solutions is the support for sidechain aggregation of transactions, also referred to as the rollup technology. This proves early success of Ethereum Layer 2 protocols. There is only so much traffic they can take before they become congested. As a Layer-2 protocol on Ethereum, Myria will provide a comprehensive suite of tools for both gamers and developers including the Myria Developer SDK, Myria Wallet, as well as its own NFT marketplace. It is the largest layer 2 project in the world for Ethereum, and its importance has grown tremendously just during 2021. Ethereum co-founders Vitalik Buterin and Joseph Poon came up with Plasma, a layer two scaling solution, in August of 2017. All of these Layer 2 projects are competing with one another to be the best network. We are going to take a brief look at how each of these . The leading community for cryptocurrency news, discussion, and analysis. Ethereum Layer 2 Scaling Solutions Starkware Starkware is a Ethereum layer 2 scaling solution provider. For reference, Visa often settles $2 trillion per quarter. No more of that sidechain/sister chain business, we can support Ethereum by moving our assets to any of these layer two chains and increasing Liquidity incentives. It was launched in 2017 on the Ethereum blockchain before finally moving to its blockchain in 2019. OMGX is a Layer 2 platform that supports Ethereum Virtual Machine (EVM) compatible smart contracts, token staking and streamlined cross-chain liquidity. Polygon is a Layer 2 blockchain built on top of Ethereum. Immutable X is a layer 2 scaling solution for trading NFTs on the Ethereum network. Arbitrum - cheaper and faster for smart contracts Traders and yield farmers are not the only users affected by high gas fees. This software is very advanced and difficult to . It has three products: StarkNet, StarkEx and Cairo. This is part two of a multi-part series exploring Ethereum scaling solutions. Ethereum Layer Two Solutions Vs. Ethereum 2.0. These solutions process transactions off-chain. Developers are now able to deploy their smart contracts permissionlessly on StarkNet's testnet. The great thing about Polygon is that it's already used by many projects like Sushiswap, Aavegotchi, Chain Games, Quickswap etc. When there is a high demand for Ethereum, the network becomes congested, which raises transaction fees. Additionally, layer 2 can interact with the main . Loopring Loopring is an Ethereum layer 2 solution that utilizes zk-rollups to power decentralized trading and payment processing with high speed for extremely low fees. A Layer2 solution runs on top of the main chain (Layer 1 or L1) of Ethereum. These networks can process and finalize transactions on its own blockchain. . The Plasma layer-2 scaling solution was proposed by Joseph Poon and Vitalik Buterin in their paper Plasma: Scalable Autonomous Smart Contracts. . According to Layer 2 data aggregator L2 Fees, arbitrum allows for 40,000 transactions per second, with gas fees ranging between $0.11- $0.18 for sending ETH and Swapping tokens. By using rollups, users can reduce gas fees by up to 100x compared to layer 1. The first one is certainly Polygon, the only layer 2 cryptocurrency that entered the top 15 of those with the highest market capitalization.. With its $17 billion, it capitalizes more than CRO, Algorand, and Litecoin. The project has a market cap of around $857 million. Formerly known as Matic Network, Polygon is a layer 2 scaling solution for Ethereum that allows developers to build dApps. The best part about Polygon, however, is that it has already been released and is actually being used by end users. The Layer 2 solutions fall into the following categories: Rollups-including ZK rollups and Optimistic rollups. Polygon You've probably heard about this one a lot in the last few days. Polygon was originally launched in 2017 as the Matic Network to create a protocol and . As explained in the name itself, layer 2 solutions are different network layers that run on top of Ethereum's main chain. Layer 2 solutions, built on the Ethereum MainNet (L1), collect transaction data and periodically send data bundles back to layer 1 for storage and verification. It is intended to be a scaling solution for the Ethereum network. It exists on the Ethereum network as a smart contract and does not need changes to the base level protocol to interact. Similar to a perfect game of Tetris where all shapes have a use-case, Ethereum's scaling technologies are bringing the network closer to becoming the default . A layer 2 blockchain regularly communicates with Ethereum (by submitting bundles of transactions) in order to ensure it has similar security and decentralization guarantees. It can execute more than 2,000 transactions per second at a very low gas fee. The Current State of Ethereum L2. StarkNet is a permissionless decentralized ZK-rollup layer 2 solution for the Ethereum blockchain. Including Loopring, zkSync, Optimistic Ethereum, and Arbitrum. The more of us on L2 the better the sandbox becomes. Polygon is a layer 2 solution, what means that it runs in parallel to ethereum mainnet. Popular examples of Ethereum layer 2 . Unlike Ethereum, which is limited to 13-17 transactions per second (TPS), Polygon can execute up to 7,000 TPS, making it comparable to Visa. 3.8m members in the CryptoCurrency community. As promising as Ethereum is in its potential to enable a decentralized . While developers can independently choose which technology to build, both Layer 1 and Layer 2 scaling solutions will be responsible for forming Ethereum's scaling landscape. . Another impressive feature of the platform is its support for sidechain aggregation, which is a type of technology that allows third parties to perform sidechain transactions. Some of you may be confused and wondering just what the difference is between Ethereum 2.0 and a layer two solution for the platform. Its platforms and protocols process data in a way that decreases the burden on the base layer Crypto Research & Analysis Platform for Smart Investors. The Best Ethereum Layer 2 Projects In Q1 2021, Ethereum settled over $1.5 trillion worth of transactions. Currently, several layer 2 solution providers use different rollups to enhance Ethereum's . Another Optimistic Rollup, Optimism, is one of the best Ethereum Layer 2 solutions available today. That is where layer 2 comes into play to scale Ethereum today. Layer 2 solutions increase throughput (transaction speed) and reduce gas fees. The throughput of this scaling solution ranges from 200 to 20,000 TPS. Ethereum 2.0 is regarded as the long-term solution that can bring speed, efficiency, and scalability to the Ethereum network . The Metis project integrates the Decentralized Autonomous Company (DAC) in its Layer 2 infrastructure, making it easy for any developer, builder, or community leader to build apps and their communities. Ethereum's co-founder and most prominent voice, Vitalik Buterin, has noted its shortcomings in regard to mass adoption as a Layer 1, largely due to its gas fees, and he put forward EIP-4488 last November to address gas fees even on existing Layer 2 scaling solutions.. Layer 2s are likely to form the bulk of Ethereum scaling solutions, at least in the short and medium term. Transaction volume at Arbitrum has increased by 54.7% month-over-month, while TVL has increased by 2% ($979 million). Launched in January 2021 Optimism is one of the best Ethereum layer 2 solutions. The company claims that the platform's scalability and myriad offerings will benefit both gaming-experience creators and those who partake. Layer 2 solutions increase throughput (transaction speed) and reduce gas fees. With only 3 protocols running on Metis, they are currently ranked #35 in terms of TVL, at $108 million. Let that settle in for a moment. Importantly, this solution can reduce Bitcoin transaction time drastically. Despite the market's present slowdown, the Polygon network continues to develop at an exponential rate. It isn't easy because of this.Consider yourself a Uniswap leading chain liquidity supplier. Layer 2 rollups are ready today! . Metis is a Layer 2 (L2) scaling protocol that uses optimistic rollup technology. Optimistic Ethereum is a layer 2 scaling solution that enables anyone to execute any vision on an open-source protocol that will never be captured by private commercial interests. This article will discuss what Layer 2 solutions are and look at some of the best Ethereum Layer 2 scaling projects currently building on Ethereum. L2 solutions have different functions, like scaling payments, off . Arbitrum further allows developers to run unmodified EVM contracts and transactions without compromising on layer 1 security To make Ethereum's ecosystem more affordable for . It is interesting because it empowers developers to launch interoperable blockchains rather than just building directly into the Ethereum blockchain itself. It also processes over 2.5 million transactions per day, so . Share this article Categories Analysis Tags Cryptocurrency Ethereum OMG forbitswap -The future of finance is DeFi intelligence. Ethhubsays Plasma "is a framework for building. To learn about Layer 2 basics and Optimistic rollups head to Part 1 . Interestingly, Cartesi addresses the scalability and high transaction charges rather than just the issue.. OMG Network is one of the most promising layer 2 scaling solutions for the Ethereum chain. One of the best layer 2 solutions, the lightning network, transfers transaction bundles from the root layer to the off-chain. It exists on the Ethereum network as a smart contract and does not need changes to the base level protocol to interact. " Arbitrum is an L2 solution designed to boost the speed and scalability of Ethereum smart contracts while adding additional privacy features. Let's dive in! In other words, layer 2 is an attempt to make Ethereum more usable for a greater number of people. The post The best Ethereum Layer 2 scaling solutions to buy right now appeared first on Coin Journal. Layer 2s are game-changers for transaction-intensive applications like payments, Defi yield farming, minting NFTs, and smart contracts.Drawbacks In The Scaling Of Layer 2 -L2 scaling has the issue of preventing interoperability across different sidechains. According to reports, Optimism can handle over 2k transactions per second while saving a lot of money on gas. What are layer 2 solutions? Best layer 2 cryptocurrencies Polygon. Layer 2 create a channel to communicate between networks for exchanging data and tokens. William M. Peaster on 27 Jan 2021. The solution to this network congestion problem is simplelayer Specifically, it is a rollup layer 2 scaling solution as opposed to a sidechain or a state transfer. In 2021, the adoption of the first layer 2 protocols started. OMG Network is one of the most promising layer 2 scaling solutions for the Ethereum chain. The Alpha mainnet of Optimism went up in January 2021, and since then, it has had a tremendous amount of traffic. Today's video will fill you in on what these Layer-2 solutions are and also grant you insight into the best Layer-2 A layer 2 is a separate blockchain that extends Ethereum. By far, Polygon is the most widely adopted layer 2 solution for Ethereum. Nested Blockchains Another Ethereum layer-2 scaling solution is OmiseGO or OMG. Polygon (formerly known as Matic Network) is a layer 2 (L2) scaling solution for Ethereum-enabled blockchain networks that enables fast, cost-effective and secure off-chain transactions for payments and general interaction with off-chain smart contracts. The trickiness resides in the inescapable lack of nuance behind every solution's promise to be trustless, secure, economical and easy to use. An L2 solution runs on top of the main chain (Layer 1 or L1) of Ethereum. This is where Layer 2 solutions come into play in order to make Ethereum a competitive smart contract development platform today. Polygon is the 14th-largest coin by market cap, and it's probably one of the best known layer-2 solutions. Like with traditional computer networks, every blockchain protocol has a different capacity tolerance. Plasma solutions use intelligent contracts and Merkle trees to construct an infinite number of child chains that are effectively miniature replicas of the Ethereum network. . An L2 solution runs on top of the main chain (Layer 1 or L1) of Ethereum. The project has a market cap of around $857 million. While optimizing Ethereum Mainnet, these layer 2 solutions do not require any changes in the base; rather, they stay and work on the Ethereum network as smart contracts. The Ethereum network is no stranger to scalability issues and high gas fees, this is where Layer-2 solutions come in as a solution to scale the Ethereum blockchain! Consequently, several layer-2 solutions address common Ethereum difficulties by offering safe and rapid network confirmation without or lowering gas prices. Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet. Layer-2 solution works as a secondary framework that is built on top of an existing blockchain. Raiden allows participants to run smart contracts through their channels and utilize Hashed Timelock Contracts (HTLCs) to execute them. Best known are the Lightning network on Bitcoin and Ethereum scaling solutions such as Optimism, Arbitrum, Starkware & Polygon. Most important of all, the different notable entries in the list of partners of Arbitrum include Chainlink, Graph Protocol, OKEx, and many others. Even more impressive is that Ethereum did all of its financial activity without real scalability. Layer 2 is a term used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measures and decentralization as the mainnet. Therefore, each project offers different features to stand out from the others. Layer 2 scaling solutions on Ethereum ($884.6M) in September, making it one of the best-performing protocols. Ethereum Layer 2 solutions have emerged as the answers to Ethereum Mainnet's scalability and high transaction fees problems. As a proof-of-stake (PoS) network to which Ethereum is transitioning soonPolygon relies on MATIC tokens to verify transactions. State channels. On the other hand, layer-2 refers to a network built on top of a layer-1 blockchain. It is currently the leading L2 scaling solution with $2.62B in TVL and controls the L2 market share of 43.45%. The Ethereum Layer-2 scaling ecosystem has become tricky to navigate for builders as an increasing number of scaling solutions have seen the light of day. There are a number of layer 2 solutions on Ethereum. It exists on the Ethereum network as a smart contract and does not need changes to the base level protocol to interact. Will Ethereum 2.0 Make Layer 2 Solutions Irrelevant? Layer 2 is an umbrella term to describe solutions that build on top of layer 1 to improve the scalability of the Ethereum network. Its rollup solution allows developers to run applications, process transactions, and store data on a layer above blockchains like Ethereum. The most popular Ethereum layer 2 project using a state channel solution is the Raiden Network . For users to trust second layer solutions, wallet providers must bake in mechanisms that guarantee users won't lose their . L2 solutions have different functions, like scaling payments, off-chain computation, or smart contracts. They don't rely on challenges, like optimistic rollups, and. Therefore, projects in need of layer 2 solutions can leverage Tokamak to unlock the protocol's features like smart contract support, scalability . Because there is a delay in Ethereum's transition to ETH 2.0, Polygon has grown to become one of the most popular Ethereum layer 2 solutions in the cryptocurrency space. Ethereum Layer 2 Projects List - Coin98 Analytics #1 Polygon (MATIC) - $7.6B Market Cap Polygon (formerly Matic) is a Layer 2 solution powering Ethereum scaling and infrastructure development. Although Arbitrum doesn't have a native token, it is one of the best layer 2 platforms for creating smart contracts on the Ethereum network. At the time of writing, OMG, its native token, was trading at $6.11. ETH gas prices, rising to painful levels at times. Some solutions, known as "layer 2" solutions, derive their security directly from layer 1 Ethereum consensus, such as optimistic rollups, zero-knowledge rollups or state channels. Polygon is built up from four layers: Ethereum layer, security layer, Polygon . Tokamak is the first Turing complete plasma protocol meaning it has all the functionalities of Ethereum's main chain. In this piece, we will explore ZK-rollups. MeticsDao is a layer 2 scaling solution that solves the six problems of Ethereum: Simplicity, speed, storage, scalability, security, savings. The recent traction has led to Ethereum's transaction fees, i.e. Cartesi would also serve as a leading example of popular Ethereum scaling solutions. All this requires no changes to the layer 1 protocol (Ethereum). Rollups bundle (or 'roll up') hundreds of transactions into a single transaction on layer 1. Ethereum News; Funding Alerts; GameFi; Hacks & scams; Industry Watch; Layer 1; Layer 2; Learn . Basically, Ethereum 2.0 is an updated version of the software which is used for the current Ethereum blockchain. With that in mind, Optimism is a layer 2 solution for Ethereum. The platform brings together all the best layer 2 solutions under one roof. Optimism on its official website claimed that it has helped developers and investors save $1 billion in gas charges during the last year. Final Words Sidechains. Layer 2 is a collective term for solutions that build on top of Layer 1, to improve the scalability of the Ethereum network. Layer two scaling solutions promise to bring scalability to Ethereum before the launch of ETH 2.0. Rollups are a type of Layer-2 scaling solution that increases Ethereum's throughput by performing transaction execution off-chain and posting transaction data on Layer-1. Not quite yet, anyhow. Layer-1 refers to the base level of the blockchains underlying infrastructure. Ethereum Layer 2 Scaling Solution Providers. 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