Deciphering Layer 2: The Pioneers Shaping Blockchain's Future

Over the last year, layer 2 (L2) platforms have undoubtedly become one of the strongest narratives in crypto. With almost $40 billion locked up in L2s, it is hard not to see the sheer amount of innovation that’s happening in this field. In this article, let’s look at some of the top -performing L2 platforms, highlighting their unique value propositions, business models, and contributions to the broader ecosystem.

Comparing L2 Platforms

**Data points are collected from L2Beats  at the time of writing, 29th March. 

Metis

Metis distinguishes itself with its innovative decentralized sequencer model. This model mandates that participants, or sequencers, hold a significant stake of 20,000 Metis tokens, valued at around $2.6 million, to contribute to the network. This high entry requirement ensures that only dedicated and capable entities play a role in the network's operations, thereby bolstering its security and efficiency. 

The Metis Foundation incentivizes ecosystem growth through EcoNodes. EcoNodes are distinct business units crucial in enriching and expanding the Metis ecosystem. Each EcoNode brings a unique set of contributions and functions, acting as foundational pillars for the ecosystem's continued development and success.

Metis incentivizes developers by paying out 30% of the gas fees earned to build on the network. Furthermore, Metis's integration with major blockchain players like Chainlink, EigenLayer, and various DeFi projects, including DeFi Kingdoms, emphasizes its commitment to a cooperative blockchain environment. 

Metrics

#1 Unique addresses

The total unique addresses interacting with Metis has crossed 700,000.

#2 Transactions

Since the final week of December 2023, the Metis network has witnessed a remarkable uptick in transaction volume, indicating a significant increase in its utility and adoption. As per the explorer, total transactions in Metis is nearing 15 million.

#3 Fees

As a result of increased utility, total transaction fees incurred per day have also experienced a surge. 

AEVO

Backed by heavyweight entities such as Paradigm and Dragonfly, AEVO's strategic partnerships underline its solid foundation and promising outlook. The project's alignment with established finance platforms like Ribbon Finance showcases its ambition to bridge traditional and decentralized finance worlds.

AEVO distinguishes itself with a keen focus on pre-launch token futures. These futures allow users to trade tokens before their official launch, catering to the speculative nature of the crypto market and ensuring liquidity. These futures transition into regular perpetual futures once the token starts trading on an external exchange like Binance, providing a seamless transition for investors to speculate on the token's market performance from an early stage.

Metrics

#1 Weekly unique traders

The total number of unique traders on AEVO is reaching 150,000 (currently at 146,360).

#2 Weekly volume

As of writing, the cumulative volume on AEVO has reached 70.2 billion. As per the chart, perpetual trades account for the majority of the weekly trading volume on AEVO, save for the two weeks between February 19 and March 4.

Mantle

Mantle distinguishes itself in the L2 landscape through a strategic partnership with Bybit, one of the leading centralized exchanges. This collaboration provides Mantle-based projects with a direct channel to enhanced visibility and liquidity, tapping into Bybit's vast user base for immediate exposure. Mantle's approach extends beyond mere listings, emphasizing user engagement and value through innovative mechanisms like liquid staking and the mETH Double Dose Drive, which boasts an APY of over 7%. These features underscore Mantle's dedication to offering user-centric financial products that enhance both platform utility and user returns.

Moreover, Mantle's adoption of the Modular Rollup model, paired with its commitment to transparent governance, showcases its ambition to set new standards in L2 solutions. These technological and operational choices reflect Mantle's vision of a secure, efficient, and inclusive platform that seamlessly integrates with the broader blockchain ecosystem, ensuring both project developers and users benefit from its advanced infrastructure and governance practices.

Metrics

#1 Daily transactions

The total number of transactions on Mantle crossed 1 million 4 times since inception.

#2 Daily new addresses

The total number of new addresses entering the network has remained around 3,000 most of the time, save for a spike on 31 December 2023, when it jumped to >400,000.

#3 Unique addresses

In mid-February 2024, the number of unique addresses using Mantle crossed 2 million. As of writing, the total number of unique addresses has crossed 2.15 million.

Blast

Blast revolutionizes the L2 space with its innovative dual-yield model, offering users the opportunity to earn rewards on their ETH and USDC deposits. This model is bolstered by strategic partnerships with Lido and MakerDAO, leveraging Lido's ETH yield mechanisms and MakerDAO's T-Bill Yield for USDC to create a comprehensive value proposition for its users. Such integrations not only provide a diversified yield-generation strategy but also enhance user engagement by offering potential airdrops, setting Blast apart as a leader in yield-generating L2 solutions.

In addition to its user-focused offerings, Blast places a strong emphasis on supporting the developer community. Its commitment to redistributing 100% of gas fee revenue to dApp developers creates a conducive environment for innovation and growth within the platform. This approach, coupled with backing from notable entities like Paradigm, underscores Blast's vision of fostering a collaborative and dynamic L2 ecosystem where both users and developers thrive.

Metrics

#1 Daily transactions

Since March 1, 2024, the number of daily transactions on Blast has never dropped below 200,000.

#2 Total unique addresses

The total number of unique addresses on Blast has almost 5X’d from ~123,000 to ~600,000 since the beginning of March 2024. 

Manta Pacific

Manta Pacific adopts a distinctive dual-network strategy, integrating EVM-native Zero-Knowledge (ZK) applications within its L2 ecosystem, which places it at the forefront of advancing privacy within blockchain technologies. By harnessing the capabilities of zkEVM and Celestia, Manta Pacific ensures robust data availability, underpinning its commitment to privacy and scalability. This approach not only distinguishes Manta Pacific as a leader in privacy-focused blockchain solutions but also enhances its overall ecosystem's efficiency and user experience.

Complementing this, Manta Pacific's sister network, Manta Atlantic, operates on the Polkadot network, prioritizing speed and efficiency. It introduces an incentivization model for collators and rewards block producers, reinforcing network security and aligning the interests of various stakeholders. The synergy between Manta Pacific and Manta Atlantic, facilitated by interoperability solutions like the Celer Bridge, showcases Manta's holistic vision for a seamless, secure, and highly efficient blockchain ecosystem.

Metrics

#1 Daily transactions

The total number of daily transactions on Manta Pacific mostly hovered between 40,000 to 70,000. However, there was a notable spike on March 26, wherein total daily transactions crossed 100,000. Overall, total transactions on Manta Pacific have crossed 15 million.

Conclusion

The landscape of Layer 2 solutions is vast and competitive, with numerous platforms vying for sustainability and relevance. However, the platforms discussed in this article distinguish themselves through unique selling points that underscore the innovation and adaptability inherent in the L2 ecosystem. 

From the pioneering decentralized sequencing of Metis to the innovative yield-generating mechanisms of Blast, these platforms exemplify the rich potential and diversity within the L2 space. As they continue to mature and evolve, the success stories of these L2 solutions provide critical insights and foreshadow the future trajectory of this sector.

At BNB Chain, we realize the crucial role L2 solutions play in scalability and fostering adoption. opBNB is the layer 2 platform of the BNB ecosystem, which has already experienced significant activity. Plus, through our rollup-as-a-service (RaaS) initiative, we're empowering our developer community to pioneer advanced L2 technologies.

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