Ethereum’s future rests on 10,000 blockchains
Ethereum layer-2s are proliferating, which means Ethereum will start looking like a much better prospect for new projects in the year ahead.
A major topic in crypto in 2024 is the number of layer-2 (L2) blockchains created on top of the Ethereum network. Major nonfungible token (NFT) collections such as Pudgy Penguins, Bored Ape Yacht Club and Azuki have announced their own L2s — in addition to numerous traditional companies such as Fox Corporations and Flipkart.
This sudden surge in L2s has been treated as a joke by many who believe it to simply be hype. Nonetheless, it is very likely that we will have thousands of L2s within the next year. This will be great for the success of the Ethereum (ETH) ecosystem.
By way of background: The Ethereum network is a first-layer blockchain (L1). Ethereum prioritizes decentralization and security, but it lacks scalability — a problem known as the blockchain trilemma, where only two of those three things can be achieved.
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Author: Lugui Tillier
