Are L3s worth it? - page 2. | Bitcointalksearch.org

Cryptoababe

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Quote from: makishart on June 04, 2024, 11:24:14 PM

Quote from: Cryptoababe on June 04, 2024, 08:30:02 PM

We need lower transaction fees. So Layer 3s are needed. We don't know, there might be more congestion in the future and Layer 3s might be a good choice.

Look at how cheap the fees in the L2. How can we need L3 if there are so many L2s available in the market? Are you sure those blockchains will be invaded by human then they will be congested? The list are containing a few L2s. There have been so many new L2s still unlisted from that list like manta or even blast.

L3 is not even needed. It is being created as the purpose of making money only. There's no urgentcy to create L3 blockchain. L3 is only for grab your money. L2s are enough.

Hmmm. You made a valid point here. Although, I meant for future purpose if there is more congestion. But with this screenshot you shared. Seems even if the congestion becomes overloaded, the fee won't exceed 10 to 50 cents on layer 2.

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Quote from: Abiky on June 04, 2024, 07:54:15 PM

(...)Do you think L3 networks are necessary? If not, why? Do you think they're overhyped? Your input would be greatly appreciated. Thanks.

I'm neutral on this, because I feel the new terms are used to hype and attract user attention, as well as a complete excuse for developers to create repetitive work.

Just like when we use laptops in the 2024 generation, there are many different brands but in terms of configuration parameters, they have no difference, similar to tricks in the crypto space. And users feel free to consider it a good product or an opportunity

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Quote from: Abiky on June 04, 2024, 07:54:15 PM

I've read of this new term called "Layer-3" or L3 for short. It's basicially a network built on top of a Layer-2 network which also relies on a Layer-1 network for security. If L2s are supposedly enough for scaling, why bother making networks on top of them? It doesn't make any sense. Unless L2s have the same limitations as L1s and developers need to create L3 networks to keep fees low and speeds fast.

These layers function differently.

Layer 1 primarily functions to ensure the security of the blockchain. Layer 2 is for scalability while Layer 3 is to host applications that could be used for different kinds of utilities. Since these layers function differently, they also solve different kinds of problems.

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Do you think L3 networks are necessary? If not, why? Do you think they're overhyped? Your input would be greatly appreciated. Thanks.

Layer 3 is implemented to further improve a blockchain. Much lower fees and much faster transactions. I think there’s nothing wrong to add them especially they can make a blockchain more efficient.

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Layer 3 is just a buzzword, nothing different, just an another new network.

Here's the illustration:

Layer 1 was cheap because not many people use it, after many people use it, the network congested and it make L1 become expensive.

Then someone create a new network which is Layer 2, it was cheap because not many people use it, after many people use it, the network congested and it make L2 become expensive.

Then someone create a new network which is Layer 3, it was cheap because not many people use it, after many people use it, the network congested and it make L3 become expensive. Don't be surprised we will see L4,L5,L6,L7, L99...

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Quote from: FinneysTrueVision on June 05, 2024, 01:24:44 AM

There is no official definition for what a Layer 3 is. Basically, any application or protocol that interacts with secondary layers and offers scaling benefits for the base layer can market themselves as an L3.

Pretty much — Layer 3s are pretty much just Layer 2s but another layer down. You don't need an 'official' definition.

Quote from: FinneysTrueVision on June 05, 2024, 01:24:44 AM

The term “layer 3” is definitely being used for hype and to draw attention, but that does not mean they are unnecessary because they can enhance functionality of smart contracts so they can offer new feature which were previously not possible.

If anything, it's reverse hype because of more liquidity abstraction lmao. And there shouldn't be any new functionalities as it's mostly just better scalability. (Though you can argue that more scalability can unlock new functionalities!)

Quote from: Bureau on June 05, 2024, 02:00:15 AM

So considering that if the user base grows exponentially in the future, we might see L4, which is not what I expected as an answer. I came across this article from Kucoin where they have explained the reason for creating L3, quoting it below.

Sounds bizarre, but it's very likely. For millisecond payment streaming and such.

Bureau

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Looking at a few responses here I now feel that congestion issues can happen in L2 and therefore L3 are being created. That doesn't completely nullify the whole purpose of L2 which was created to solve the scaling issue of L1. So considering that if the user base grows exponentially in the future, we might see L4, which is not what I expected as an answer. I came across this article from Kucoin where they have explained the reason for creating L3, quoting it below.

Quote

Layer-3 blockchains are built on top of Layer-2 solutions, providing additional functionality, interoperability, or performance enhancements to the underlying blockchain infrastructure

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Quote from: Abiky on June 04, 2024, 07:54:15 PM

Do you think L3 networks are necessary? If not, why? Do you think they're overhyped? Your input would be greatly appreciated. Thanks.

Depends on the market mate. From the last bull run like 2020 the users increases until now. So there would be massive growth on users, in the future and I already uses L3 network and somehow they are efficient but not yet massively used compared to famous l2 like arbitrum and optimism. Plus there are more coming L2s, so I think its just an upgrade of L2s, some could say money grabs but yeah for sure some are for that but there are serious projects too build on L3 that solves such problem on the previous ones. So I think its better that we anticipated already the potential use later on at least everyone is ready when the time comes.

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There is no official definition for what a Layer 3 is. Basically, any application or protocol that interacts with secondary layers and offers scaling benefits for the base layer can market themselves as an L3. The term “layer 3” is definitely being used for hype and to draw attention, but that does not mean they are unnecessary because they can enhance functionality of smart contracts so they can offer new feature which were previously not possible.

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Either we need L3s, or the L2s find a way to make things more cheaper and more scalable.

Quote from: makishart on June 04, 2024, 11:24:14 PM

Look at how cheap the fees in the L2. How can we need L3 if there are so many L2s available in the market? Are you sure those blockchains will be invaded by human then they will be congested? The list are containing a few L2s. There have been so many new L2s still unlisted from that list like manta or even blast.

L3 is not even needed. It is being created as the purpose of making money only. There's no urgentcy to create L3 blockchain. L3 is only for grab your money. L2s are enough.

Obviously L3s are not needed yet because the masses actually barely 'use' crypto to do swaps and DeFi and such; because most people are just in the Coinbase's or Binance's of the world.

But if we expect the masses to actually use on-chain crypto? These cheap fees would easily not hold and we're definitely going to need L3s. And the L3s need to be built before the herd actually comes, not when they're already here.

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Quote from: Cryptoababe on June 04, 2024, 08:30:02 PM

We need lower transaction fees. So Layer 3s are needed. We don't know, there might be more congestion in the future and Layer 3s might be a good choice.

Look at how cheap the fees in the L2. How can we need L3 if there are so many L2s available in the market? Are you sure those blockchains will be invaded by human then they will be congested? The list are containing a few L2s. There have been so many new L2s still unlisted from that list like manta or even blast.

L3 is not even needed. It is being created as the purpose of making money only. There's no urgentcy to create L3 blockchain. L3 is only for grab your money. L2s are enough.

Cryptoababe

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We need lower transaction fees. So Layer 3s are needed. We don't know, there might be more congestion in the future and Layer 3s might be a good choice.

Abiky

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I've read of this new term called "Layer-3" or L3 for short. It's basicially a network built on top of a Layer-2 network which also relies on a Layer-1 network for security. If L2s are supposedly enough for scaling, why bother making networks on top of them? It doesn't make any sense. Unless L2s have the same limitations as L1s and developers need to create L3 networks to keep fees low and speeds fast.

Do you think L3 networks are necessary? If not, why? Do you think they're overhyped? Your input would be greatly appreciated. Thanks.

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