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Cryptogambling / Coingecko report: Recent layer-2 blockchains gain momentum in adoption

Coingecko report: Recent layer-2 blockchains gain momentum in adoption

Publish Date: 04/09/2023
bitcoin, tags: recent layer-2 blockchains - cdn.creazilla.com

bitcoin – cdn.creazilla.com

The most recent layer two (L2) blockchains are experiencing an unprecedented surge in adoption, some of them attracting one million users within weeks rather than months, as indicated by a study conducted by Coingecko.

Layer two (L2) blockchains operate alongside existing blockchains like Ethereum, aiming to enhance transaction speeds and reduce fees. In simple terms, layer-2 solutions typically have two main components: a transaction processing network and a smart contract on the main blockchain that resolves disputes and confirms the state of the layer-2 network. This link to the main blockchain is vital to ensure the layer-2 system’s integrity.

While Ethereum now hosts several popular L2 solutions, these solutions haven’t always experienced swift adoption.

As per Shaun Paul Lee, a contributor to Coingecko, it took Arbitrum, an Ethereum-based L2 platform, 303 days to accumulate one million unique addresses after its mainnet launch on August 31, 2021.

On the other hand, the L2 solution Optimism, launched in January 2022, reached the same milestone in just 191 days.

Zksync, which initiated its mainnet on March 25, 2023, achieved one million addresses within 71 days. In stark contrast, Base, which introduced its mainnet on August 9, 2023, acquired over a million addresses in 11 days.

The study highlights that Base received a substantial boost in popularity due to the emergence of new meme coins on its network. Base is an Ethereum L2 blockchain network developed by the San Francisco-based cryptocurrency company Coinbase.

The research also points out that L2s struggle to attract users without native tokens. However, Base and Zksync rapidly reached a million users without launching tokens yet. The study suggests that users anticipate receiving governance tokens as rewards for early adoption through airdrops.

Meanwhile, L2s such as Arbitrum and Optimism have already distributed tokens through airdrops. Polygon zk-EVM, which features the MATIC token, has experienced slower growth compared to Base and Zksync.

Arbitrum leads the pack with a substantial 11.4 million unique addresses, followed closely by Optimism with 8.0 million.

zkSync and Base have 1.8 million and 1.0 million unique addresses, respectively, indicating a smaller but growing user base. This growth, although smaller, underscores Ethereum’s enduring prominence in the blockchain ecosystem.

Despite the rapid growth of L2 solutions, Lee’s research indicates that Ethereum still maintains dominance, with over 241 million unique addresses as of August 20, 2023. However, the researcher believes that new solutions like Base quickly gain trust and offer significant scalability benefits to the Ethereum network.

Scepticism surrounding Layer-2 solutions

Solana co-founder Anatoly Yakovenko has expressed his scepticism about the proliferation of layer-2 solutions as a viable strategy for scaling blockchain systems. According to Yakovenko, launching numerous layer-2 solutions can fragment the user base and lead to a highly complicated user experience.

Yakovenko emphasized that the widespread use of layer-2 solutions can cause fragmentation, resulting in notable problems for composability and user experience. He uses NFTs as an example, showing that each NFT can only be in one rollup, which restricts availability.

He pointed out that layer-2 solutions introduce new states that disrupt the smooth combination of marketplaces for specific NFTs. This creates a fundamental challenge for their broad use.

Yakovenko also recognized that while layer-2 solutions provide performance advantages by creating a global lock around a state, they also bring complex composability challenges, making it a nuanced decision in blockchain scaling strategies.

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