The Layer 2 solutions are crucial to the growth of blockchain networks, and several tokens have taken the lead in this sector. These technologies help offload transactions from Layer 1 blockchains like Ethereum and provide faster and cheaper solutions. With growing interest and adoption, the following six Layer 2 tokens are currently capturing attention.
Immutable (IMX)
Immutable (IMX) is one of the top platforms in the NFT space. Based on Ethereum, it enables users to create and sell NFTs with zero gas fees. Also, IMX is maintaining full scalability and decentralization. The token has gained more recognition as the NFT market continues to develop. As of press time, IMX’s market capitalization is $2,010,909,829, and it could be bought for $1.25.
Optimism (OP)
Optimism (OP) is a Layer 2 scaling solution that intends to increase Ethereum’s throughput through optimistic rollups. This technology cuts down on gas fees and enhances the rate of transactions while at the same time enhancing the security of the Ethereum network. Optimism has become a possible solution for projects that need expansion but at a low cost. As of the reporting time, the price of OP is $1.58, and it has a market capitalization of $1,878,242,216.
Mantle (MNT)
Mantle (MNT) is another Layer 2 solution more inclined towards DeFi. It employs cryptographic algorithms to ensure that the transactions are swift, secure, and cheap. Mantle is built for DeFi projects that need to scale up while maintaining a strong level of security. At the moment, MNT is trading at $0.564 and has a market capitalization of $1,843,174,946.
Arbitrum (ARB)
Arbitrum (ARB) is one of the most well-received Layer 2 solutions in the crypto sphere to date. Roll-up technology is used to increase the transaction rates and reduce the cost of Ethereum-based applications. Arbitrum has also managed to capture dApps and DeFi platforms, therefore becoming one of the leading solutions in the Ethereum scaling solution market. At the time of writing, ARB is trading at $0.525 and the market capitalization is $1,835,943,238.
Top 5 Layer 1 Blockchains: 2024 Growth & Price Targets
Polygon (MATIC)
MATIC or Polygon has been a dominant Layer 2 solution for quite some time now. It provides a full solution for developing and implementing Ethereum-compatible applications, sidechains, and blockchains. As a result of its Layer 2 scaling solution, Polygon has become one of the popular platforms in DeFi, gaming, and NFTs. As of press time, MATIC is trading at $0.3788, with a market capitalization of $1,337,312,482.
Starks (STRK)
Starks (STRK) leverages ZK rollups to improve privacy and throughput. This technology lowers the cost of the transaction as it operates off-chain and only posts small information on Ethereum. Starks has recently been in the limelight due to the emphasis on the privacy and security of the network. This makes it ideal for users and developers who value anonymity in their operations. STRK is trading at $0.4076, with a market capitalization of $725,450,289.
The expansion of Layer 2 solutions indicates the rising need for scalable, effective, and economical blockchain systems. Some of the token enablers of this evolution include IMX, OP, MNT, ARB, MATIC, and STRK. As Ethereum remains the dominant platform for decentralized applications, these Layer 2 tokens are expected to remain key for future development and adoption.
