Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
ConsenSys, a blockchain firm that offers developer tools alongside enterprise solutions, has announced the top-performing layer two solutions in its recently third-quarter web report.
Layer 2 solutions help scale the Web3 landscape and attempt to reduce the cost of transactions on Ethereum. Therefore, rollups have shown major prospects in providing solutions due to their scalability capabilities.
Also, they are promising due to their inherited security through Ethereum. To obtain the top-performing L2 solutions, ConsenSys has examined the five most-active rollups. However, most solutions analyzed are in the beta phase, making it challenging to examine.
Therefore, the report detailed several reasons for user needs for scaling in Q3, including:
- Total Value Locked on the Layer 2
- Transactions that took place in Q3 2021
- Costs of commerce on the Layer 2
- ActivitiesAmount of unique addresses
Meet The Top Performing Layer 2 Solutions
According to the ConsenSys Q3 web report, it divided the activities into usage and costs. However, the report disclosed that Arbitrum, an optimistic rollup for Ethereum, had the most use in all categories in Q3.
Optimism, an EVM compatible Optimistic Rollup, came closest to Arbitrum. It is worth noting that Optimism has a similar design as Arbitrum.
According to data from L2Beat, in Q3, Arbitrum’s TVL hit a new height of over $2.666 billion on September 16th. While Optimism’s TVL also set a new stage high of over $245 million on September 16th.
While, for the single-purpose rollups built for decentralized exchanges, dYdX recorded the most usage with 480k daily trades.
In terms of transaction costs, the ConsenSys Q3 web report revealed that Zero-Knowledge (zk) rollups are the cheapest. dYdX, Loopring, and zkSwap v2 also showed potential for reducing transaction costs.
More About ConsenSys
ConsenSys is an Ethereum software platform that creates and runs a cryptocurrency wallet called MetaMask. The platform is focused on empowering DeFi communities by making Web3 more accessible and easier to use and build on.
The Ethereum software platform also manages essential developer toolkits such as Truffle, Quorum, Codefi, Diligence, and Infra. These APIs are popular for smart contract development.