{"id":451376,"date":"2022-05-23T09:04:31","date_gmt":"2022-05-23T06:04:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/layer-2-adoption-could-spur-the-next-crypto-turning-point\/"},"modified":"2022-05-23T09:04:31","modified_gmt":"2022-05-23T06:04:31","slug":"layer-2-adoption-could-spur-the-next-crypto-turning-point","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/layer-2-adoption-could-spur-the-next-crypto-turning-point\/","title":{"rendered":"# Layer-2 adoption could spur the next crypto turning point"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24d4d3c31a0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24d4d3c31a0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/layer-2-adoption-could-spur-the-next-crypto-turning-point\/#%E2%80%9D_Layer-2_adoption_could_spur_the_next_crypto_turning_point_%E2%80%9C\" >&#8221; Layer-2 adoption could spur the next crypto turning point &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Layer-2_adoption_could_spur_the_next_crypto_turning_point_%E2%80%9C\"><\/span>&#8221; Layer-2 adoption could spur the next crypto turning point &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMzg2MmJkZTgtNDQxYy00ODEyLWIyMzgtNzk2MjVlNGE1NjJkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>A mysterious <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a>or has made a data-driven prediction that the next major phase of development in the blockchain space will be in layer-2 solutions, primarily on Ethereum.<\/p>\n<p>The May 22 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/ethfinance\/comments\/uv3xqj\/daily_general_discussion_may_22_2022\/i9jmrka\/?context=3\">post<\/a> explains that \u201cWe\u2019re at a turning point\u201d where the industry is moving away from bridging between L1 blockchains towards L2\u2019s which are \u201cright out of the gate, more secure and decentralized than alt-L1s and are built to use sound money on a credibly neutral platform.\u201d<\/p>\n<blockquote><p>\u201cL2 adoption is h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening now, even if it is slow and in bursts. Behind the scenes, L2&#8217;s are improving reliability, decreasing fees, and increasing accessibility. L2\u2019s are still building and improving, and that\u2019s fantastic.\u201d<\/p><\/blockquote>\n<p>An L2 scaling solution takes advantage of the security of a L1 chain like Ethereum (ETH) and alleviates traffic on it by \u2018rolling up\u2019 a number of transactions into a single package to be settled at once.<\/p>\n<p>Other L1 chains like Solana (SOL), which boasts relatively cheap and fast transactions, have garnered support from users turned off by high fees. <\/p>\n<p>The average SOL transaction costs about $0.0025 while ETH transactions <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gasprice.io\/\">cost<\/a> about $1.30 at the time of writing. Despite that wild disparity, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/chain\/Ethereum\">demand<\/a> for Ethereum block space has remained overwhelmingly dominant as its $73.89 billion total value locked (TVL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defillama.com\/chains\/Non-EVM\">outweighs<\/a> Solana\u2019s $4.24 billion according to DeFi Llama blockchain tracker. Additionally, Solana has been plagued with reliability issues recently.\u00a0<\/p>\n<p>As of the time of writing, Arbitrum is the largest L2 on Ethereum with $2.65 billion in TVL <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/l2beat.com\/\">according<\/a> to L2beat. The entire Ethereum L2 ecosystem has a TVL of $4.77 billion. These numbers may be set for an explosion if the right forces conspire to draw users and capital away from other L1\u2019s.<\/p>\n<p>Several major decentralized apps (Dapps) are already deployed on L2\u2019s. Decentralized exchange (DEX) SushiSwap (SUSHI) and yield aggregator Curve (CRV) are on Arbitrum. Also, crypto derivatives protocol Synthetix (SNX) and DEX Uniswap (UNI) are on Optimism.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>MakerDAO deploys on layer-2 network StarkNet to enhance functions of DAI stablecoin<\/em><\/strong><\/p>\n<p>The incoming Optimism airdrop could mark the beginning of a rapid influx of users to L2\u2019s. This may be due to the same network effects that attracted users to Ethereum and Ethereum Virtual Machine (EVM)-based decentralized finance (DeFi) protocols over the past two years.<\/p>\n<p>Optimism is an L2 with $474 million in TVL. EVM chains are ones that are compatible with Ethereum token standards, such as Binance Chain (BNB), Polygon (MATIC), and Fantom (FTM).<\/p>\n<p>Ultimately, if there is an increase in L2 utility, the Ethereum L1 will have a natural increase in use, which could further solidify Ethereum as the world\u2019s leading smart contract and decentralized application platform.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/layer-2-adoption-could-spur-the-next-crypto-turning-point\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Layer-2 adoption could spur the next crypto turning point &#8220; A mysterious Redditor has made a data-driven prediction that the next major phase of development in the blockchain space will be in layer-2 solutions, primarily on Ethereum. The May 22 post explains that \u201cWe\u2019re at a turning point\u201d where the industry is moving away&#8230;<\/p>\n","protected":false},"author":1,"featured_media":451377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMzg2MmJkZTgtNDQxYy00ODEyLWIyMzgtNzk2MjVlNGE1NjJkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74891,95119,74880,74355,5005],"class_list":["post-451376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-ethereum","tag-layer2","tag-transactions","tag-adoption","tag-reddit"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=451376"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/451377"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=451376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=451376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=451376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}