As many of us know, the introduction of layer 2 technologies has significantly improved transaction speeds within the cryptocurrency space. These improvements not only accelerate transaction processing but also reduce associated network fees. This article is about: Top 7 Layer 2 Coins 2024.
These fast transactions and cost-effective processes have allowed cryptocurrencies to integrate seamlessly into existing markets. This integration allows for widespread use in various sectors such as shopping, sales, payments, gaming, and many other applications.
It would not be a stretch to attribute some of the current success of cryptocurrencies to innovations in layer 2 technology. Imagine for a moment. If all cryptocurrencies still relied solely on layer 1 due to slow transaction speeds and high fees, cryptocurrencies might not have been widely adopted for everyday transactions.
Top 7 Layers – 2 Coins in 2024
L2, also called an off-chain network, is like an upgrade built on top of an existing blockchain (Layer 1). Its primary mission is to solve the transaction speed and scalability issues that large-scale layer 1 networks often face. The community behind it is passionate about disrupting the industry and is constantly coming up with new ideas to take it to the next level.
1. Mantle (MNT)
Imagine the Mantle Network as the driving force behind Ethereum expansion, built as a star player in the Mantle ecosystem. This is like a reliable engine that helps Ethereum easily process larger amounts of transactions. The advantage of Mantle Network is its adaptability. This means it integrates seamlessly with the Ethereum Virtual Machine, the brains of Ethereum. Additionally, the modular setup allows different components to be upgraded individually, keeping you in sync with the latest technology trends.
As a pioneer in the DAO-generated L2, Mantle Network is leading the effort toward widespread adoption of token-governed technology.
MNT, short for Mantle Network Token, is a special currency used for:
– Cover pesky gas costs
– Nurturing the growth and prosperity of the ecosystem
– Empowering communities to have a voice in shaping their future.
2. Arbitration (ARB)
Arbitrum acts as a turbocharger for Ethereum! Imagine upgrading from a regular car to a high-performance sports car. This is how Arbitrum affects trading. This accelerates and reduces costs thanks to optimistic rollups that relieve the load on the Ethereum main network. Arbitrum allows you to process more transactions simultaneously without incurring high fees.
But here’s the interesting part: Arbitrum launches its own coin, ARB. This is no ordinary cryptocurrency. This is similar to having a voice in the operation of the system. Think of yourself as a member of an exclusive club where you get to vote on important decisions. By holding an ARB, you will actively shape Arbitrum’s future by proposing new features, supporting upgrades, and allocating funds. And guess what? The introduction of Arbitrum DAO amplifies the community’s influence, making it a democratic force!
3. Optimism (OP)
Think of Optimism as Ethereum’s trusty sidekick, working quietly behind the scenes to power your blockchain experience. It’s like an engine humming under the hood, making Ethereum run smoother and faster with a unique and optimistic roll-up. While Ethereum steals the spotlight, Optimism is the unseen hero, constantly optimizing performance without stealing the show.
With an impressive $500 million in assets, Optimism is the bustling heart of the Ethereum universe. This is where 97 active protocols thrive, from giants like Synthetix (SNX) for derivatives trading to the beloved Uniswap (UNI) decentralized exchange and innovative Velodrome (VELO) automated market maker.
4. Immutability (IMX)
Immutable boldly takes the stage with Ethereum’s pioneering layer 2 scaling solution specifically for NFTs. Addressing Ethereum’s pain points such as slow scalability, clunky user interface, liquidity issues, and developer headaches, Immutable promises a transformative experience. Imagine instant transactions, infinite scalability, NFT issuance, and gas fee-free transactions without sacrificing the security of users or assets. How about a game changer? Based on STARK zk-rollups, the technology used by Ethereum champion Vitalik Buterin, Immutable is a beacon of hope for Ethereum’s NFT ecosystem.
IMX stands as an ERC-20 utility token at the core of the protocol. Its importance spans three important roles: fees, staking, and governance. A notable rule states that 20% of the protocol fee is payable only in IMX. Users can also utilize IMX for staking, earning a proportional share of network fees in return. But that’s not all. IMX holders exercise power over governance decisions and exercise their voting rights to shape the future of the protocol. With a total supply limited to 2 billion tokens, IMX has tremendous potential to drive the growth and development of the protocol.
5. Manta Network (MANTA)
Manta Network emerges as a versatile ecosystem tailored for web3. Within that realm, users exercise the power to build and launch a variety of Solidity-based decentralized applications (dApps). Manta offers a sophisticated technology stack to facilitate lightning-fast transaction speeds that surpass L1 solutions and gas cost savings similar to L2 environments. With Manta, the possibilities are endless and developers can unlock new areas of innovation and efficiency in the web3 space.
6. dYdX (ethDYDX)
Operating on Ethereum’s layer 2 blockchain, this permanent exchange has promising potential to improve scalability and accommodate large numbers of users seamlessly. We prioritize fast and safe deposits and withdrawals and strong anonymity features to ensure user privacy and security. Ethereum-based DYDX ($ethDYDX) serves as a governance token granting the dYdX community permission for the dYdX layer 2 protocol established on Ethereum (“dYdX v3”). Currently, ethDYDX is in the process of migrating from Ethereum to dYdX Chain.
7. Métis
Metis enters the Ethereum stage as a true game changer, providing a layer 2 solution that boldly solves the blockchain trilemma. It will disrupt the way we leverage blockchain technology by striking the right balance of decentralization, security, and scalability. But Metis is not content with smoothing out Ethereum’s past wrinkles. We’re on a mission to make transactions easier and save you a ton of cash by fixing the creaks like slow speeds and high fees.
But the ambition goes beyond healing old wounds. Metis helps developers easily create and manage decentralized applications (dApps). And with the awesome integration of the Decentralized Autonomous Company (DAC) framework, we are paving the way for a seamless journey from the traditional web to the decentralized realm.
Where can I buy cryptocurrency?
Bitget stands out as a trustworthy cryptocurrency exchange. It offers a user-friendly interface so both beginners and experienced traders can easily navigate and trade with some of the lowest fees on the market. To get started with Bitget, you can create an account, complete the necessary KYC procedures, and then start trading the various altcoins available on the platform.
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