Ethereum’s Layer 2s Break New Ground in Scalability

Ethereum has marked a commendable 22% upsurge in its value as of September 2023, surpassing many substantial smart contract blockchains, according to Will Ogden Moore‘s article on Grayscale blog. The escalation is significantly credited to the advent of Layer 2 solutions (L2s) which have been instrumental in bolstering Ethereum’s scalability, rendering the network 100 times more cost-effective for its users. The endorsement of this paradigm came with the launch of BASE, a Layer 2 blockchain on Ethereum by Coinbase in August 2023. This development not only accentuates the growing credence in the Ethereum ecosystem but also extends the dissemination of decentralized applications to over 100 million Coinbase users. Concurrently, leading Layer 2 blockchains on Ethereum, namely Optimism and Arbitrum, have overstepped large Layer 1 blockchains like Solana in Total Value Locked (TVL), inching Ethereum closer to becoming the predominant…