In 2021 we witnessed the rise of the Layer2 market and the emergence of more liquidity/projects. There are more than 19 generic or singular applied Layer 2 on Ethereum. Among them, StarkWare and ZkSync are leading the way in ZK Rolls, where they scale through zero-knowledge proof. Arbitrum and Optimism are leading projects in Optimistic Rolls.
The concept of Layer 2 has been mentioned since Ethereum experienced network congestion and high gas costs. But at that time, L2 is more like something brought up as a means for Ethereum to compete with other public chain markets. Today, however, the topic of L2 is getting hotter, and it seems that L2’s significance to the whole crypto world is no longer just a “defense mechanism” for Ethereum.
Over the past 10 years, we have reached the limits of blockchain scalability in order to guarantee its centralization and security.
Blockchain is responsible for the three underlying components of consensus, execution, and data availability, which is also called the single blockchain. The road of single blockchains seems to have come to an end. The next four years, the next cycle, there will be “public chain” war, technology, capital, users, culture, and other topics will be repeatedly discussed, but this time the protagonist is no longer L1, but L2; There will be a top project ecological prosperity, with the valuation of billions of dollars level; The capital would then push the valuation of all L2 to around $10 billion.
Finally, Ethereum will evolve into a blockchain underlying infrastructure in the cloud, providing the world with a proven (two rounds of bull and bear) strong consensus layer built at a great economic cost, providing security and decentralization. Ethereum will come to be accepted as the first public neutral global settling network in history.
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