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Ethereum's Layer 2 is still in its infancy but is already showing tremendous growth potential. Take Arbinyan, for example. It was Arbitrum's first significant yield farm. It proved to be a catalyst for spurring Layer-2 adoption, demonstrated by the total value locked (TVL) exploding from $238 million to over $2.5 billion in less than a week. This rocket ship of a yield farm is one example of how projects can create overwhelming demand by deploying to Layer 2.
Following a sharp rise in demand for decentralized applications (dApps), recent months have seen an unprecedented number of scaling solutions developed on the Ethereum blockchain. This includes protocols such as rollups, Plasma, state channels, and sharding. Ethereum scaling solutions created on top of the blockchain are referred to as ‘layer-2’ or ‘layer 2’ solutions. As there is no distinction between the two, we will be referring to both layer-2 and layer 2 scaling solutions throughout this article. There are various types of Ethereum layer 2 protocols, but how do they work? Also, how do layer-2 scaling solutions benefit the main Ethereum blockchain?
OMG Network, or OmiseGO as it was previously known, is an Ethereum scaling solution created using Plasma technology. Plasma is a series of smart contracts that run over a root chain, in this case, the Ethereum blockchain. The project, underpinned by the OMG token, has created a layer-2 landscape for developers to create scalable applications, without taking the hit of high gas fees on Ethereum. Moreover, the Ethereum scaling solution is popular for enterprise development, thanks to its versatility, privacy options, and cost-efficiency.
Optimism’s Optimistic Virtual Machine (OVM) potentially represents a monumental leap forward for Layer 2 solutions. In this article, we’ll take a closer look at what Layer 2 solutions are, why they’re so important, and why Optimism and their Optimistic Virtual Machine could constitute such an important breakthrough for Ethereum. In essence, the OVM environment theoretically allows developers to move their smart contracts onto this quicker and less expensive solution with only a few lines of code.
Scalability has been an issue related to the Ethereum blockchain for years, so the next time you hear terms like Sidechains, Plasma, Channels, or Rollups, you’ll no longer have to wonder what they mean. These are all proposed solutions to help Ethereum scale. Moreover, so-called Layer-2 solutions are widely seen as potentially holding the keys to helping Ethereum to scale and reduce Ethereum gas fees.
The growth of Ethereum over recent years has propelled blockchain technology beyond what many thought was possible. As the crypto community eagerly awaits the seemingly ever-delayed Ethereum 2.0 upgrade, many are wondering, could Layer-2 solutions provide the sustainable growth and scaling of the network that is needed?
The launch of the Injective Protocol has caused a wave of headlines and speculative video content across the crypto ecosystem. The project appears to have solid foundations with a credible team of developers and advisors, who have previously worked in large tech or other blockchain projects. The whitepaper for Injective Protocol was released in December 2018, avoiding the ICO hype, successfully receiving funding from venture capital firms, other DeFi platforms, and a public IEO through the Binance Launchpad.
