The problem lies in L1 and getting L1's problems solved over L2 is an eye-catching theory. I hope the above theory happens and the product will be implemented. I was hoping for scaling up on Bitcoin over the Lightning network but so far that hasn't happened.
There are many projects to build L2 on Ethereum, but they are still no breakthrough. It took more time for engineers to synchronize everything.
Topic: Layer 2 Protocol - A big miss ? (Read 100 times)
If L2 on BTC, I may see it as unavoidable, but for L2 on ETH (and their migration plan to POS), I think it's strange. Look, what's the point of POS and stuff if the network cannot scale and still need sidechain transactions. More and more project use their own sidechain isn't a good sign IMO. It means the main network cannot scale.
But how can this layer 2 be effective for defi transactions? How will those off-chain transactions help in reporting the main chain about the same taking place and how will the swaps take place if this layer 2 protocol is implemented? It looks like they have added some butter over the bread and trying to let us eat it without checking the saltiness of the butter.
I find the information given in the link quite biased. The bitcoin with lighting network is not "struggling" to get transactions through, in fact if there was a desire to make it cheaper and faster it is as simple as increasing block size, and a second layer is not the same in terms of safety as a single chain (layer 1 if you want).
Binance is obviously keen on increasing its own blockchain usability, but, at the end, is private and most of the projects build on top are just copies of each other: DeFi, NFT over and over again.
Don't get me wrong, I really hope some succeed, it is just that it seems difficult and "layer 2" is not solving a problem that we have today.
Binance is obviously keen on increasing its own blockchain usability, but, at the end, is private and most of the projects build on top are just copies of each other: DeFi, NFT over and over again.
Don't get me wrong, I really hope some succeed, it is just that it seems difficult and "layer 2" is not solving a problem that we have today.
....With the current increase in gas fee especially on Ethereum network, I would have love to see the positive influence of such protocol on the entire blockchain.
You can observe how many users and developers will move to Polygon if you want to see if Layer 2 solutions have a good future. They've adapted the plasma framework. They're having an early success but wait and see if they can sustain it.One thing I can say is that many people do not want to over complicate things. They also refuse to learn. They prefer to wait for on-chain solution to Ethereum's scalability issues like EIP-1559.
I have also heard or read about l2 from here and there and the important aspect of it is the implementation, if am not mistaken, I think project like lattice will support l2 in their upcoming exchange to be launched soon, any project who can actually pull it off and make it fully active will benefit the most.
Well, if you do not know what Layer 2 is, you can read about it here https://academy.binance.com/en/glossary/layer-2
With the current increase in gas fee especially on Ethereum network, I would have love to see the positive influence of such protocol on the entire blockchain. I have seen some project such as KINGSWAP prioritizing L2 but it is unclear if they will be able to achieve this because their previous statement regarding L2 implementation is futile
With the current increase in gas fee especially on Ethereum network, I would have love to see the positive influence of such protocol on the entire blockchain. I have seen some project such as KINGSWAP prioritizing L2 but it is unclear if they will be able to achieve this because their previous statement regarding L2 implementation is futile
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