Layer 2 (L2) is a term used to denote the solutions made to increase the transaction throughput of the blockchain by integrating Layer 1(Mainnet). Essentially, thirdparty protocols are built to offer L2 solutions on the Ethereum blockchain network.
Due to the notorious scaling and high gas fee issue of the Ethereum blockchain network, L2 solutions are available to keep transactions speedy to prevent lagging, secure, and highly scalable with more reliability. Different transactions are processed and executed outside the blockchain's mainnet, but data and proof still reside in the L1.
We have asked 5656 Experty community members questions related to "Top 10 L2 solutions review". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.
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Sales Leader | Strategist | Revenue Growth in B2B SaaS | Sales Operations Leadership
Which one of the following solutions would you choose and why?
The value proposition of having a L2 solution was to take care of the ever increasing problem of increase in traffic, leading to congestion & increased price of transactions over primary blockchain solutions like ETH. In terms of the current market & the scope of L2 as a parallel market even after ETH 2.0 upgrade, I see that Immutable X will lead the way around L2 solutions in a big way, primarily for the following reasons- 1. It is the go to network for NFT based platforms due to no gas fees & high TPS of 9000 with instant confirmation 2. Strong partnerships with projects like GameStop( gaming), Tiktok, illuvium, High-rise, Greenpark sports, Planet Quest, God's Unchained & ESL gaming to name a few 3. Their permission less decentralised Zero Knowledge protocol offered over platform using a validity based proofing mechanism via the StarEx & StarNet initiatives
Which L2 projects would you recommend to watch and why? (except given)
The other L2 projects which I would like to suggest as promising ones are the following ( in their order of preference)- 1. xDai chain 2. Loopring- LRC xDai is my most recommended project after Immutable X for the following reasons- 1. It makes NFT trading just as affordable as Immutable X 2. It's a stable coin which is pegged to USD pricing & has hidden value within the coins locked as part of proof of stake- PoS 3. High transaction processing efficiency (5 seconds transaction time) when compared to primary blockchain solutions like ETH which takes several minutes The reasons for suggesting for LRC are the following- 1. It counters other L2 solutions like arbitrum & optimism which are based on optimistic roll outs thereby leaving the success & security of the system subject to network participants to act in good faith. LRC is based on ZK rollouts 2. ZK approach provides for greater data throughput due to reduced transaction volumes 3. Transaction validity remains inherent hence the withdrawal process is highly efficient when compared with an optimistic roll out based coin 4. It's unique circular DEX based rings provides for executing 16 individual orders with no dependency over a buyer seller pairing , thereby providing for better liquidity & price discovery
Syawal SaidPemburu crypto
Which L2 projects would you recommend to watch and why? (except given)
arbitrum project that I recommend because for me the project is the most prominent and interested and I hope that later the interest will increase
Nicolas GlacetN/A
Which one of the following solutions would you choose and why?
Optimism as it clearly answers one of the weaknesses of today's Ethereum blockchain by enabling faster transactions with lower gas fees. If done well, it can make the blockchain sustainable which is not the case currently in my humble opinion
Which L2 projects would you recommend to watch and why? (except given)
I would keep an eye on Arbitrum (because of the people involved) Loopring (because of the concept of ZK rollups) & Immutable X (because of its specialization in NFTs)
leven rudolfUX Developer
Which one of the following solutions would you choose and why?
Arbitrum low network transactions fees deployable interface for dapps adopted by many at its earliest stages. it has potential to be working alongside eth network
Which L2 projects would you recommend to watch and why? (except given)
Solana Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more
Unique Taylorfun out going person
Which one of the following solutions would you choose and why?
DeversiFi because its the easiest way to access DeFi opportunities and you can send tokens without paying gas fees and you can exchange so many different tokens
Which L2 projects would you recommend to watch and why? (except given)
Im not so fully sure which one i would want to watch.. so all of them would be good to watch because you do not know what mite happen if you watch all of them
Jansugi GoguadzeDriver
Which one of the following solutions would you choose and why?
Optimism It is almost a completely new project. He rewarded his participants quite well. He is fast in the transaction, as well as Vitalik Buterin appreciates him
Which L2 projects would you recommend to watch and why? (except given)
After the optimism I think we should keep an eye on ArbiTrum. At least for the fact that with great probability it will also make rewards. God loc.
Abegail PradoTeacher
Which one of the following solutions would you choose and why?
Arbitrum is the one L2 solutions that I love because it was very cheap in gas and very smooth and convenient to use. It was amazing and the feature is very attractive
Which L2 projects would you recommend to watch and why? (except given)
I recommend to watch zksynk because there is a lot of incoming best features that will be beneficial to user and the community. I love to watch as they provide best satisfaction to their user.
Offelia OggA farm and a laboratory that utilize blockchain technology for genetic purposes.
Which one of the following solutions would you choose and why?
Arbitrum network. First time I use L2 arbitrum network here with experty.io. Low costs transaction definitely is an advantage. Arbitrum has their own cross layer bridge well functioning.
Which L2 projects would you recommend to watch and why? (except given)
By myself I'v used only arbitrum network till now. Other L2 solutions will be adding to my list for exploration. Obviously all of the items deserve to be watched.
Aleksander D.Entrepreneur, crypto investor, programmer
Which one of the following solutions would you choose and why?
I like much more Optimism among those represented this list. Because they have more convenient bridge solution in compare with Arbitrum for instance, a wide list of tokens could be bridged in one click, not ETH only. Also it has a large ecosystem with many different App supported, such DeFi, swaps, NFT markets, wallets, i.e. there are everything to satisfy user's daily needs.
Which L2 projects would you recommend to watch and why? (except given)
I suggest to watch dYdX too, despite it's too specific. There are not so many of decentralized trading exchanges around and dYdX is one of them, but a huge of people are still interested in perpetual contracts trading, margin trading and other derivatives. So, their service should have a certain demand at least in a short&medium prospective, until more of competitors appear, and this mean that there is a good chance the price their native token dYdX could grow from it's current ~$1.65, that is near the ATL. So, you might earn either by perpetual trading there or by a simple buy&hold of dYdX token.
Chiamaka Bernard
Which one of the following solutions would you choose and why?
Abitrium, they reason for abitrium is that most often the network allows access to change from one Chain to another especially bridging network and it efficiency and gas fees are always worth trading on.
Which L2 projects would you recommend to watch and why? (except given)
OMG network ($OMG) is actually the right choice not by preference but for anything,it allows easy transfer of Ethereum Process in transaction to outside the Ethereum mainnet with convenience.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.