Tokenless Design Paves the Way for L2 Blockchain Growth
L2 Blockchain Adoption Rates on the Rise
A recent study conducted by CoinGecko analyzed the adoption rates of various L2 blockchains. It revealed that the time taken to accumulate a million users has been decreasing over time.
A notable example is Base, which reached the milestone in just 11 days. In contrast, Optimism took 191 days, and Arbitrum took 303 days. More recently, the zKSync Era mainnet achieved the same feat in 71 days.
The impressive influx of new users to Base has propelled the network ahead of its more established competitors in terms of network activity. In a short span of time, Base became the third most popular L2 for NFT transfers and even briefly surpassed Optimism and Arbitrum in daily transaction volume.
Benefits of a Tokenless Model
Unlike the L2 blockchains of the past, which relied on native tokens to incentivize adoption, the new wave of L2 chains, including Base, have opted for a tokenless approach.
Removing the requirement for users to acquire and trade specific Layer 2 tokens has significantly simplified the user experience. Base and other tokenless chains offer a seamless transition for Ethereum users, as they can transact directly with their existing ETH holdings.
Creating an Ethereum-Like Experience
Tokenless L2 blockchains not only remove the need for separate tokens, but they also aim to replicate the familiar Ethereum experience for users. These L2 environments are designed to closely resemble the parent Layer 1 blockchain.
Through technological advancements, L2 scaling solutions, such as zKSync and Base, are now able to emulate many features of the Ethereum blockchain. Smart contracts on these networks are written in Ethereum’s native languages, Vyper and Solidity, offering compatibility and ease of use for Ethereum developers.
By minimizing the chain of translation between L2 contracts and their execution in the Ethereum Virtual Machine (EVM) bytecode, developers can seamlessly adapt to new L2 environments. This integration simplifies the development process and reduces the complexity of L2 applications.
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The rise of tokenless L2 blockchains, such as Base, showcases the industry’s evolution towards providing a more user-friendly and intuitive experience. By eliminating the need for native tokens and aligning with Ethereum’s programming languages, these L2 networks are bridging the gap between Layer 1 and Layer 2, making it easier for developers and users to transition and interact with blockchain technology.
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