The Growth and Popularity of Ethereum Layer2

04/10/2023 04:44 • Digital Disruptors • 71 views

According to reports, according to L2BEAT data, the current total lockup volume of Ethereum Layer2 has increased to $9.16 billion, with a 7-day increase narrowing to 4.06%. Among them, the top five locked positions are: ArbitrumOne (6.01 billion US dollars, a 7-day increase of 3.23%); Optimism ($1.96 billion, up 3.14% on the 7th); DYdX (348 million US dollars, a 7-day increase of 4.27%); ZkSync Era ($181 million, up 72.28% on the 7th); ImmutableX ($127 million, down 0.48% on the 7th).

Ethereum Layer2’s total lockup increased to $9.16 billion

Ethereum Layer2 has gained a lot of traction in recent times, and its current total lockup volume has increased to $9.16 billion, according to reports from L2BEAT data. This article takes a closer look at the top five locked positions on Ethereum Layer2, highlighting their features and how they have contributed to the growth of the platform.

The Top Five Locked Positions on Ethereum Layer2

Among the top five locked positions on Ethereum Layer2, ArbitrumOne holds the lead with a total lockup volume of $6.01 billion, representing a 7-day increase of 3.23%. This platform is a highly scalable Layer2 protocol that is designed to provide developers and users with low-cost, high-speed dApps and services. It uses an optimistic rollup technology that allows transactions to be processed off-chain and then batched onto the Ethereum blockchain.
Optimism comes in second place with a total lockup volume of $1.96 billion, which is a 7-day increase of 3.14%. This platform offers faster and cheaper transactions on Ethereum by leveraging optimistic rollups. Its transparent fraud proofs help it to maintain the security and integrity of its network.
DYdX is in third place with a total lockup volume of $348 million and a 7-day increase of 4.27%. This Layer2 solution is focused on Decentralized Finance (DeFi) and provides margin trading, spot trading, lending, and borrowing services on Ethereum. It offers instant trade execution and robust security backed by smart contracts.
ZkSync Era is fourth on the list with a total lockup volume of $181 million, which represents a 7-day increase of 72.28%. This platform is designed to enhance the speed and scalability of Ethereum transactions by using zero-knowledge proofs. Its technology helps to improve user privacy as well as enhance liquidity on the Ethereum blockchain.
Last but not least, ImmutableX holds the fifth position with a total lockup volume of $127 million, which is a 7-day decrease of 0.48%. This platform is specially designed to be a Layer2 scaling solution for NFTs, and it provides instant trade execution and cheaper transaction fees. It uses zero-knowledge proofs to facilitate trustless and secure trading on the Ethereum blockchain.
The growth and popularity of these Layer2 solutions have contributed significantly to the rise of Ethereum as a leading blockchain platform. Their unique features and focus areas cater to different needs and preferences of users while providing efficient solutions to various challenges in the crypto space.

Conclusion

The current lockup volumes of the top five locked positions on Ethereum Layer2 indicate that the platform is gaining more traction and popularity. As more developers and users continue to leverage these Layer2 solutions, Ethereum is set to become even more scalable and faster, providing innovative solutions to various challenges in the crypto space.

FAQs

1. What is Ethereum Layer2?
Ethereum Layer2 is a scaling solution designed to improve the speed and scalability of Ethereum transactions.
2. How does Optimism enhance the speed and security of Ethereum transactions?
Optimism uses optimistic rollups and transparent fraud proofs to provide faster and cheaper transactions while maintaining network security and integrity.
3. What is the significance of zero-knowledge proofs in Layer2 solutions?
Zero-knowledge proofs are cryptographic proofs that a statement is true without revealing any additional information other than that the statement is true. This helps to enhance user privacy and the security of transactions on the Ethereum blockchain.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/04/10/the-growth-and-popularity-of-ethereum-layer2/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.