Top Emerging Layer 2 Blockchain Platforms in 2024

Published in

NFT Daily Dose

8 min readApr 18, 2024

In the ever-evolving landscape of blockchain technology, Layer 2 solutions have emerged as a crucial component for enhancing scalability and improving transaction throughput. As the demand for more efficient blockchain networks continues to grow, the spotlight shines on the top rising Layer 2 blockchains. These platforms offer innovative solutions to address the scalability challenges faced by blockchain networks, paving the way for wider adoption and increased utility.

In this article, we delve into the exciting world of Layer 2 blockchain solutions, exploring their features, advantages, and potential impact on the future of decentralized applications and blockchain scalability. Join us as we uncover the top rising Layer 2 blockchains poised to revolutionize the blockchain industry.

What are Layer 2 Scaling Solutions
Emerging Top Layer 2 Blockchain Platforms
· Base Network
· Arbitrum
· Optimism
· zkSync
Comparing Adoption Speeds
Tokenless Layer 2 Adoption
Future Prospects for Ethereum and Layer 2 Integration
Final Thoughts

What are Layer 2 Scaling Solutions?

Layer 2 scaling solutions have emerged as a critical development in the blockchain space, addressing the scalability challenges faced by popular networks like Ethereum. These solutions operate on top of existing blockchains, offering faster transaction throughput and reduced fees while maintaining the security guarantees of the underlying chain. Among the notable achievements in this domain are Arbitrum, Optimism, zkSync, and Base Network.

Emerging Top Layer 2 Blockchain Platforms

In the fiercely competitive landscape of Layer 2 blockchains, a notable trend emerges: the rapid ascent of various applications within this ecosystem. However, amidst this burgeoning landscape, the question arises: which Layer 2 network has experienced the swiftest growth? Could it be Arbitrum, Optimism, Base, or another contender?

Recent findings from a research report by CoinGecko shed light on this matter, highlighting Base as the standout performer. Impressively, Base surged ahead, amassing 1 million unique addresses a mere 11 days following its official mainnet launch. Even prior to this milestone, the network had garnered 532,000 addresses, thanks to users bridging to the chain through unofficial bridges.

Moreover, on August 21, Base achieved a remarkable feat by averaging a record high of 15.88 transactions per second (TPS) over a 24-hour period, surpassing the transaction throughput of Ethereum, Arbitrum, and Optimism, as reported by l2beat.

1. Base Network

Base Network offers a versatile Layer 2 solution with a focus on interoperability and customization. By providing a framework for building scalable, secure, and customizable blockchain applications, Base Network empowers developers to create tailored solutions for various use cases. Its modular architecture allows for seamless integration with existing platforms, facilitating the adoption of Layer 2 technologies across different blockchain ecosystems.

Here are some key points about the Base Network:

Security: Base leverages the security of the Ethereum mainnet (L1), so you can be confident using dApps built on Base.
Low Cost: Transactions on Base are significantly cheaper than on Ethereum L1. This can make it more accessible for users and encourage wider adoption.
Developer-Friendly: Base is built with developers in mind, offering tools and resources to make it easy to build and deploy dApps.
Coinbase Integration: Being a Coinbase product, Base integrates with Coinbase’s existing user base, products, and developer tools.

2. Arbitrum

Arbitrum has gained attention for its innovative approach to scaling Ethereum. By employing optimistic rollups, Arbitrum significantly boosts transaction throughput and reduces gas fees, making decentralized applications (dApps) more accessible and efficient for users. Its compatibility with Ethereum smart contracts facilitates seamless migration for developers, further enhancing its appeal within the ecosystem.

Key benefits of Arbitrum:

Faster Transactions: Compared to Ethereum’s mainnet (L1), Arbitrum offers significantly faster transaction processing.
Lower Fees: Transaction fees on Arbitrum are much cheaper than on L1, making it more cost-effective for users.
Security: Arbitrum inherits the security of the Ethereum blockchain by relying on it for dispute settlement.
Compatibility: Existing Ethereum applications can be easily migrated to Arbitrum with minimal modifications.
Governance: Arbitrum recently launched a Decentralized Autonomous Organization (DAO) structure, allowing token holders (ARB) to participate in network governance.
Multiple Chain Options: Besides the main Arbitrum One chain, there’s Arbitrum Nova, designed for applications with specific needs.

3. Optimism

Optimism, another prominent player in the Layer 2 landscape, focuses on optimistic rollups to achieve scalability. Its protocol enables fast and inexpensive transactions while leveraging Ethereum’s security model. With support from major projects and exchanges, Optimism has demonstrated its potential to catalyze broader adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) by alleviating congestion on the Ethereum network.

Similar to Arbitrum, Optimism utilizes optimistic rollups to enable faster and cheaper transactions for users interacting with decentralized applications (dApps) built on the Ethereum blockchain.

Key features of Optimism:

Faster Speeds and Lower Fees: Optimism processes transactions off-chain in batches, significantly reducing congestion and transaction fees compared to Ethereum L1.
Security: Optimism inherits the security of the Ethereum blockchain by relying on it for dispute settlement in case of fraud attempts.
EVM Compatibility: Optimism is built to be compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily port existing Ethereum applications with minimal code changes.
Governance: Optimism is governed by its native token, OP, which grants holders voting rights on the network’s future development.

4. zkSync

zkSync stands out for its utilization of zero-knowledge proofs to enhance scalability and privacy. By batching multiple transactions into a single proof, zkSync achieves high throughput without compromising on security. This approach not only accelerates transaction processing but also ensures confidentiality, a crucial feature for applications handling sensitive data or assets.

Unlike Arbitrum and Optimism which use optimistic rollups, zkSync leverages a different scaling technique called Zero-Knowledge Proofs (ZKPs). With ZKPs, zkSync can validate transactions off-chain and only submit a cryptographic proof of their validity to the Ethereum mainnet (L1). This significantly reduces the load on the mainnet, resulting in faster and cheaper transactions.

Key features of zkSync:

Ultra-Fast Transactions: zkSync boasts some of the fastest transaction speeds among L2 solutions due to its ZKP-based approach.
Significantly Lower Fees: Transaction fees on zkSync are considerably lower compared to Ethereum L1, making it a cost-effective option for users.
Security: Similar to other L2s, zkSync inherits the security of the Ethereum blockchain by relying on it for the final settlement of transactions.
Improved Privacy: ZKPs offer some level of privacy by not revealing all transaction data on the mainnet.

Comparing Adoption Speeds

When examining adoption speeds, fascinating revelations emerge. Arbitrum and Optimism each took 303 and 191 days, respectively, to reach the milestone of 1 million unique addresses. In stark contrast, zkSync achieved this feat in a mere 71 days, showcasing a notable acceleration in user adoption. However, the timeline was dramatically condensed with the introduction of Base Network, which accomplished the same milestone in just 11 days. This rapid uptake was propelled by a surge of meme coins and unique market dynamics, highlighting the swift pace of growth within the Layer 2 ecosystem.

Tokenless Layer 2 Adoption

Layer 2 networks without native tokens are rapidly gaining traction, indicating a growing demand for scalability solutions independent of token incentives. For instance, despite lacking a native token, zkSync has seen substantial adoption driven by users speculating on a potential zkSync airdrop. Similarly, Base Network’s absence of a native token has not hindered its uptake, highlighting the appeal of layer 2 functionalities beyond token incentives.

While Arbitrum leads the pack with an impressive 11.4 million unique addresses and Optimism follows closely with 8.0 million, zkSync and Base Network trail behind with 1.8 million and 1.0 million unique addresses, respectively.

Nevertheless, Ethereum maintains its dominance in user numbers, boasting over 241 million unique addresses as of August 20, 2023. Despite the flourishing adoption of layer 2 networks, Ethereum’s supremacy remains unchallenged in terms of sheer scale.

Future Prospects for Ethereum and Layer 2 Integration

The future prospects for Ethereum and Layer 2 integration are promising, heralding a new era of scalability, efficiency, and innovation within the blockchain ecosystem. As Ethereum continues to evolve, Layer 2 solutions are poised to play a pivotal role in addressing the network’s scalability challenges and unlocking its full potential.

One of the key benefits of Layer 2 integration with Ethereum is enhanced scalability. By offloading transactions onto secondary networks, Ethereum Layer 2 scaling solutions alleviate congestion on the Ethereum mainnet, enabling faster and more cost-effective transactions. This scalability boost not only enhances user experience but also opens up new possibilities for decentralized applications (dApps) across various sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and more.

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Final Thoughts

In conclusion, the realm of Layer 2 blockchains presents a promising frontier in the evolution of blockchain technology. As we’ve explored the top rising platforms in this article, it’s evident that these solutions hold tremendous potential for addressing scalability issues and unlocking new possibilities for decentralized applications. With innovative features and a commitment to scalability, these Layer 2 blockchains are poised to play a pivotal role in shaping the future of blockchain technology. As the industry continues to mature and evolve, keeping a close eye on these emerging platforms will be essential for staying ahead of the curve and capitalizing on the opportunities they present. With ongoing development and adoption, the future looks bright for Layer 2 blockchains, ushering in a new era of scalability, efficiency, and innovation in the blockchain space.