We all knew about the crazy expensive gas fee at Layer 1 Ethereum, making the entire ecosystem almost unusable during the DeFi Summer.
We had many on-chain activity hypes in the past:
Yield Farming 🎑
Launchpad 🚀
Small Cap coin listing 👛
Flashloans ⚡
NFT 🖼
GameFi 🎮
Gas fee above $1,000. Heavy traffic leads to traffic jam!
That is why we saw many Ethereum competitors (Alternative L1s: $SOL, $LUNA, $AVAX, $RUNE, $NEAR, $ATOM) have been rallying as people are betting the Alternative L1s could replace the king of Altcoin. Is this the end game for Ethereum?
I would say NO.
Alternative L1 sacrifices the decentralization and security to have cheap gas fees.
Layer 2 Ethereum is here to help scaling Ethereum. While having the cheap gas fee, L2 shares same security base of Ethereum.
Who Are The Layer 2 Ethereum?
Metis Network ($METIS)
Loopring ($LRC)
ZKSync
Polygon Hermez
Boba Network ($BOBA)
Optimism ($OP)
Arbitrum One
Aztec Network
(Source: l2fees.info)
As we can see, the gas fee on L2 is insanely cheaper than L1, and sharing almost the same security level.
ETH is scaling, Devs are building, airdrops are coming 😏
Covering Potential L2 Airdrops in the next chapter!
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Talk soon,
-SmolRun