The Ethereum Layer 2 season may be coming

The hot topic of “Meta Universe” has led to the recent “high fever” of NFT avatars. Almost every day, we will observe the issuance of 1-2 “Generative Art” NFT projects on the “ETH Burning List”. The short-term gas price of 2000+Gwei brought by the heat caused the sale of a single NFT project to burn users worth millions of dollars in ETH, which undoubtedly caused great waste.

The reality tells us that the application of EIP-1559 will not reduce the transaction cost of Ethereum. Its purpose is to destroy ETH and provide power for Ultra sound money’s meme.

What we have before our eyes is the continued popularity of NFT markets such as Opensea and CryptoPunks , and on the other side is the eye of new public chain forces such as Solana, Terra, and Avalanche. At this time, the king of the public chain of Ethereum, it Panic or not panic?

To answer this question, we need to understand the recent progress of many Ethereum (Rollup) Layer 2 projects, and they are exactly the solution to Ethereum ‘s scalability (ie, lower transaction costs) in the eyes of Vitalik in the short to medium term.

In this article, we will take a quick look at Arbitrum (Offchain Labs), Optimism, ZkSync (Matter Labs), Loopring, and StarkWare (dydx, deversifi, Immutable X), several highly anticipated Rollup Layer 2 networks. .

Optimism opens a new gateway interface and improves user experience

Optimism, as one of the most well-known Optimistic Rollups teams, recently released a new gateway interface, which allows users to transfer any token from the Ethereum main network to the Optimism second-tier network, and vice versa, as in the previous version , Optimism only allows the transfer of a limited number of tokens.

In addition, t11s, a developer from Rari Capital, has released a new project called Nova‌, which is a trustless contract call repeater deployed on Optimism and Ethereum mainnets. It is currently only used for approved projects. By using Nova, users can conduct Uniswap DEX transactions, NFT transactions, and use Aave lending services on the Ethereum mainnet, and enjoy the benefits of L2. The following are the specific principles involved in Nova:

The Ethereum Layer 2 season may be coming

“In order to interact with L1, the contract/user on L2 submits a “request” to the Nova “registry”, which contains all the data required to make contract calls on L1.

The user prepays the gas fee for each call on L2, and then the Nova “repeater” (out-of-chain robot) will compete to relay the request on L1.

The request is relayed through the Nova contract on L1. When the request is relayed on L1, the contract will send a message to L2 notifying it that it has performed a specific request. Once the message reaches L2, the repeater will get the gas cost of the relay request.

The user can also attach the token to a request. The repeater uses its own token on L1 to execute requests and refunds on L2. This is what makes it possible for deposits to enter the L1 lending market, conduct transactions on L1 AMM, and purchase NFTs. “

For early users of Optimism’s second-tier network, the 7-day waiting period for withdrawals is very bad. This will undoubtedly be the biggest obstacle Optimism faces on the road to mass adoption. Recently, the emergence of Hop Protocol. , Allowing users to quickly withdraw USDC and USDT from Optimism to the Ethereum mainnet, which avoids the 7-day waiting time for optimistic rollup withdrawals.

Arbitrum may launch the mainnet at the end of this month

Arbitrum is another two-tier Optimistic Rollup project that has attracted much attention. It launched a beta version of the mainnet for developers in May this year. So far, it includes mainstream DeFi projects such as Aave, Curve, MakerDAO, Uniswap, Perpetual Protocol, and others. Centralized exchanges such as Huobi and OKex have successively announced access to the Arbitrum Layer 2 network. According to statistics, there are currently more than 400 projects supporting the Arbitrum Layer 2 network, temporarily leading the Ethereum Layer 2 track.

The Ethereum Layer 2 season may be coming

What is expected is that Ed Felten, the co-founder of Offchain Labs recently revealed that the Arbitrum mainnet will be officially launched at 11:59:59 EST on August 31st!

In this regard, Larry Cermak, research director of The Block, believes that even after Arbitrum is launched and opened to any Dapp, it will still face infrastructure challenges for a long time. In his opinion, Arbitrum may not be in the initial stage. It will go well (especially for novices).

The Ethereum Layer 2 season may be coming

I personally agree with this view, especially since Arbitrum officials have previously stated that they will not issue tokens. In the absence of incentives, there may be relatively few participants willing to migrate liquidity to the Arbitrum Layer 2 network. Of course, Arbitrum will change its mind later. The possibility also exists.

zkSync 2.0 is about to usher in the public test network

The zkSync 2.0, created by Matter Labs, claims to have the security, high throughput and efficiency of ZK Rollup (ZKR), as well as EVM compatibility, so it is considered the best Ethereum expansion solution. Up to now, it includes Gitcoin, Project parties such as Argent and Index Coop have selected the zkSync solution as an expansion option.

The Ethereum Layer 2 season may be coming

According to Alex G, co-founder of Matter Labs, the design and implementation of zkEVM is actually a very difficult project. On its upcoming public testnet, they have implemented a compiler-based zkEVM. Other zkEVM efforts seem to be focused on On the native execution of EVM bytecode, the implementation of the latter is an order of magnitude more complicated, so he estimates that the implementation of native zkEVM will take several years longer than the compiler method, and may even be unrealizable…

The progress of zkSync 2.0 is indeed slow, but this does not prevent zkSync from being a project worthy of interaction. reason? Everyone understands.

Loopring supports NFT casting, trading and transfer operations

Loopring, as the first Ethereum second-layer network to implement the zkRollup solution, has recently ushered in a new wave of growth due to its support for NFT casting, trading and transfer functions.

According to an article written by Loopring founder Daniel Wang, any NFT minted on the Loopring zkRollup Layer 2 network can be extracted to the Ethereum mainnet, and vice versa.

The Ethereum Layer 2 season may be coming

In addition, he also mentioned that Loopring is exploring potential partnerships to help expand the ecosystem.

StarkWare seizes the high ground of derivatives and NFT games

“Funding giant” StarkWare (which has raised a total of 111 million US dollars so far) has provided basic services for dydx, deversifi and Immutable X. Recently, dydx and Immutable X have shown strong competitiveness in derivatives and NFT games respectively.

The Ethereum Layer 2 season may be coming

Note: The rapid outbreak of dydx has a greater relationship with its recently launched transaction mining incentives

At the end of July this year, after StarkWare’s StarkEx 3.0 version went live on the main network, DeFi Pooling and dAMM were enabled. DeFi Pooling is equivalent to a “Pinduoduo” integration function, allowing retail investors to participate in the DeFi strategy of the L1 network at low cost, while the latter dAMM Allows L2 expansion solutions based on ZK-Rollup (such as DeversiFi, Loopring, etc.) to share liquidity asynchronously, alleviating the liquidity fragmentation problem caused by different L2 expansion solutions.

The Ethereum Layer 2 season may be coming

According to StarkWare CEO Uri Kolodny, the number of transactions processed by StarkEx’s second-tier network reached 944,000 last week, an increase of nearly 50% from the data two weeks ago.

summary

Whether it is Arbitrum, Optimism, ZkSync, Loopring or StarkWare, they have actually made considerable progress, but they have not yet ushered in their own bright moments, and this may not be far away.

NFT Summer is underway, and Layer 2 Autumn is coming soon.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-ethereum-layer-2-season-may-be-coming/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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