Op layer21/21/2024 ![]() ![]() Achieving the three most desirable pillars - scalability, security, and decentralization - simultaneously is notoriously challenging, an engineering problem known as the blockchain trilemma. This is for a good reason as these networks were designed with a focus on security and decentralization. Why are Layer 2 Solutions Necessary?Įarly blockchain networks such as Bitcoin and Ethereum are limited in transaction throughput. In this article, we will cover the essentials you need to know about layer 2 solutions, the leading rollups in detail, and the features that can make a layer 2 superior to others. I am confident in this prediction because the technological differences between rollups are prominent, so some architectures and implementations will reign over others. Similar to general-purpose layer 1 blockchains, where only a few winners have taken the largest slice of the cake, we will likely see the same happening in rollups. ![]() Transaction Activity in Layer 2 Solutions Compared to Ethereum. In less than a year, layer 2s have gone from processing fewer transactions than the Ethereum mainnet to five times the number of transactions. Users continue to flock to layer 2s motivated by lower transaction fees, faster speeds, flourishing dapp ecosystems, and the potential for airdrops. Less-hyped players like StarkWare are also shipping tech upgrades at a phenomenal pace. Recently, Coinbase has also joined the race with Base, and more players are expected to enter, including Polygon with several efforts and Scroll with their zkEVM. Over the crypto winter, layer 2 solutions have overcome significant technological hurdles, and we are experiencing a boom in the number of layer 2s available.Ī field limited to state channels, plasma chains, and application-specific rollups is now dominated by general-purpose rollups like Arbitrum, Optimism, and zkSync. Such progress might keep critics at bay, at least for a while.The race to scale Ethereum is heating up. ![]() OP Labs officials got the message, and recently had insisted that getting fault proofs into operation was a top priority – so much so that the project even had its own name, “ Cannon.” On Tuesday, OP Labs finally delivered – or at least took its first step toward addressing the concerns, launching fault proofs on a test network known as OP Goerli Testnet. As these things go, success leads to greater scrutiny, and in recent months, technical experts homed in on a crucial deficiency of the setup: Networks based on the OP Labs software were missing an element known as “fault proofs” that theoretically sit at the very core of their inherent “optimistic rollup” design the lack of the security feature was likened to driving a fast car without airbags. crypto exchange Coinbase, which used the platform to build its new blockchain, Base. But the option quickly became so popular that it attracted the likes of the big U.S. PROOF-OF-PROOF: The crypto developer OP Labs rolled out software a year ago making it easy for companies to spin up their own distributed networks atop the Ethereum blockchain. “We hope to trigger an honest, open discussion amongst the Celo and zkSync communities regarding the tradeoffs between the ZK Stack, the OP Stack, Polygon CDK and other options.” Coming in the depths of crypto winter, the episode offers a reminder of the intensity of the consolidation trend, with the various networks scrambling to find fresh business. “The modular and open-sourced ZK Stack is the optimal L2 stack for Celo’s transition to Ethereum,” according to the Matter Labs proposal. As of last week, there’s yet another suitor to host Celo: Matter Labs, the creators of another rollup, zkSync, as well as the ZK Stack open-source software, which can be used to create new “hyperchains” on Ethereum. ![]() Then last month, Polygon injected itself into the mix, offering up its Polygon Chain Development Kit, known as Polygon CDK, as an alternative. The migration initially was supposed to rely on Optimism’s OP Stack software kit, which served as the template not only for Coinbase’s new Base blockchain but also the Binance-incubated BNB Chain’s new opBNB network. Now there’s suddenly a burst of competition among veteran layer-2 teams to supply the technology for Celo’s new system. BLOCKCHAIN BAKE-OFF! In July, when the smart-contracts blockchain Celo proposed to ditch its independent “layer-1” status in favor of becoming a layer 2 network atop Ethereum, the people behind the project may have had little inkling of just how popular they would become. ![]()
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