What are Layer 1 and Layer 2 crypto projects?

Layer 1s are accountable for security, data availability and decentralization as Layer 2s handle transaction scaling. Layer 2 crypto projects have been gaining traction and usage because of Ethereum's high gas fees and slow processing speeds. Layer 2s are one of the key narratives in 2023, with L2 chain Arbitrum surpassing $2 billion in TVL.

What are the most promising L2 cryptocurrencies in 2024?

L2 cryptocurrencies have made significant progress in recent years, revolutionizing the ecosystem. Their popularity has soared due to Ethereum’s high gas fees and slow transaction speeds. Let’s take a look at the most promising L2 crypto projects in 2024. 1. Arbitrum

What are L2 cryptocurrencies?

By facilitating a large volume of transactions through off-chain or more streamlined processes, L2 solutions alleviate network congestion and reduce transaction costs on the L1 blockchain. What layer-2 projects should you know about in 2024? L2 cryptocurrencies have made significant progress in recent years, revolutionizing the ecosystem.