Crypto Blog
The 2018-19 bear market saw the development of the MetaMask wallet, Uniswap decentralized exchange, OpenSea NFT marketplace, and alternative Layer 1s such as Solana. Only with this kind of core infrastructure in place was the subsequent 2021 boom in DeFi and NFTs made possible.
L2s are separate networks, offering their own ledger, tokens, and decentralized applications Their defining feature is that they periodically post summaries of their transactions back to the L1, Ethereum, piggybacking on the L1 to guarantee that transactions won’t roll back. Third, L2s only half-solve the problem of scalability as each new network is like a new island with its own dApps and liquidity, not “composable” with the Ethereum mainland or other L2s. For this reason, we shall continue to see projects prioritize being on Ethereum, or in the scenario that an L2 gains enough traction to provide a compelling alternative, it will ultimately itself become congested, taking us back to square one.
In fact, assets being native to the ledger isn’t just a benefit for developers. It is a prerequisite to an improved user experience. By natively understanding assets, these platforms can provide users with human-readable transactions that guarantee what the transaction is going to do. This includes “intra-validator sharding,” which allows for each computer that validates transactions to actually be composed of many different underlying computers, or “multi-shard consensus.”
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