5 Emerging L2 Blockchain Platforms to Keep an Eye On in 2024

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As an experienced analyst, I have closely followed the development of Ethereum and the emergence of Layer 2 (L2) solutions as a response to its scalability challenges. The arrival of Arbitrum, Optimism, ZK-rollups, sidechains, and other L2s presented both opportunities and complexities. While these projects aimed to solve specific issues, they faced disparities in user bases, communication, and interoperability.

Ethereum has been grappling with significant transaction volumes and exorbitant fees for some time, leading to scalability issues. In response to these challenges, the development of Layer 2 (L2) solutions, also known as L2s, such as Arbitrum, Optimism, ZK-rollups, and various sidechains, was initiated.

As I delved deeper into exploring various potential solutions for the L2 systems, I began to realize that the situation was becoming more intricate than I had initially anticipated. The user bases for these systems were diverse, leading to disparities in their needs and preferences. Effective communication between them was proving to be a challenge due to the lack of common languages or protocols. Additionally, interoperability among different L2 systems remained elusive, further complicating matters.

As a crypto investor, I’ve noticed the significant disparities and challenges faced by various individual L2 (Layer 2) solutions in the market. Recognizing this gap and the associated issues, the team at Choise.ai came up with an innovative solution: launching their own enterprise-grade L2 platform called Entropy.

There are various alternative L2 (second language) solutions being worked on at present. Among these, Entropy and five other promising candidates are expected to outshine others by 2024 and further.

Entropy 

For over seven years, Choise.ai has gained extensive experience in dealing with the complexities of digital and crypto banking for both business-to-consumer (B2C) and business-to-business (B2B) sectors. Recognizing the numerous hurdles that businesses and individuals encounter when engaging in this domain, Choise.ai is now developing a next-generation platform called Entropy. They believe that this innovative solution, fueled by AI technology, will revolutionize Web3 and make it universally accessible to billions of people.

As an analyst, I’m thrilled about the potential of AI in transforming contract writing, optimization, and execution. With AI agents, we’ll automate these tasks, reducing human errors and enhancing precision and transparency. Moreover, the no-code environment will empower anyone to create Web3 solutions and monetize their models through it. In the context of Entropy, we’re developing a marketplace where developers can sell their AI models, which other users can easily integrate into their operations.

“The second exciting advantage for Choise.ai’s native token holders (CHO) is a suite of extra benefits. These perks include priority access to new platform functionalities, airdrops, special deals from partners, and incentives. The team emphasizes that this is only the beginning for the coin, so keep an eye on its progress.”

Choice.ai has formed upcoming alliances, details to be revealed soon, to expedite the implementation and preparedness of their L2 (Layer 2) technology. This promising solution appears capable of delivering scalability, efficiency, accessibility, and affordability that the Web3 community currently lacks.

LightLink

LightLink is a blockchain network designed without the need for gas fees, specifically targeted at enterprises and dApp (decentralized applications) development. The team’s background in creating blockchain solutions for businesses inspired them to develop their own layer 2 (L2) solution. They identified interoperability as a major hurdle preventing wider adoption and integration, and have since devised a means to create what they refer to as an “interconnected economy.”

In simple terms, LightLink’s Enterprise mode in MetaMask allows for gasless transactions by having developers cover the fees through a monthly subscription. This approach remains efficient even during times of high demand and fee volatility on Ethereum.

For regular users of LightLink, there’s no need to use tokens or pay fees when engaging with decentralized applications. Moreover, since April this year, LightLink has launched its utility token, called LL, which is now available for trading on various cryptocurrency exchanges.

Blast

After the Ethereum Shanghai upgrade, Blast was introduced as a Level 2 solution offering native yield functionality. This means that balances in USD, ETH, and stablecoins automatically earn more returns. The protocol provides yields of 3.3% for ETH and 10% for stablecoins. One notable feature is the auto-rebasing system: Blast has developed its own stablecoin, USDB, which can be accessed by users bridging stablecoins and is redeemable upon returning to Ethereum.

The Blast Community Airdrop, marking its beginning in the series, is currently underway. Simultaneously, an initial developer airdrop has been initiated, providing both Blast Points and Blast Gold as rewards for developers. Additionally, Blast shares its net gas revenue with developers and dApps, allowing them to utilize it for their own benefit or to reduce gas fees for end-users.

Libre Chain

Libre Chain is a Bitcoin L2 solution designed to enhance Bitcoin’s scalability, speed, and affordability, make Bitcoin Runes and Ordinals easy and programmable, and enable the creation and adoption of applications. 

Libre boasts several notable features: It doesn’t charge any transaction fees, processes over 4,000 transactions per second, and doesn’t necessitate the use of tokens. Additionally, it offers a quick and easy onboarding process. Libre makes it simpler for developers to incorporate Bitcoin (BTC) and US Dollar Tether (USDT) into their apps, games, and digital wallets, especially those functioning on Libre Chain that demand authentication and transaction verification. This integration enables users to make payments in BTC and USDT via QR codes without incurring any fees.

As an analyst, I’m excited to share that Libre Chain has recently launched its native coin, which I refer to as LIBRE. This coin offers various functionalities such as staking, governance participation, and mining rewards. For those of you who are concerned about the eco-friendliness and environmental impact of Libre Chain, let me assure you that it is one of the most environmentally sustainable blockchains currently available in the market.

Plume Network

Plume is a second-generation platform designed to simplify the process of tokenizing real-world assets like collectibles, securities, and alternative investments on the blockchain. By doing so, it bridges the gap between real assets and digital capital providers, ensuring affordability and top-notch security.

By seamlessly incorporating multiple asset and compliance functionalities, Plume alleviates operational hassles, thereby enabling RWA projects to concentrate solely on construction. Plume’s mission is to create a platform where top-tier investors can discover superior investment opportunities, while helping sellers expand their customer base, ultimately boosting liquidity.

To conclude, Plume’s Real-World Asset (RWA) launcher, designed to facilitate the integration of tangible assets into the Plume blockchain for real-life applications and larger corporations, is nearing completion.

Summary

As an analyst, I’m thrilled to observe numerous teams diligently working on Layer 2 (L2) solutions to address Ethereum network’s challenges, enabling more convenient experiences for millions of dApp users and simplifying development for potential creators. However, among the five L2s discussed, four primarily tackle specific aspects of the broader problem. In contrast, Entropy seems to encompass most areas, including scalability, transaction fees, and wider adoption, making it a promising contender for providing everything necessary for developers, individuals, and enterprises to thrive in the Web3 landscape. All that’s left now is eagerly anticipating its launch and experiencing its capabilities firsthand.

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2024-05-17 00:05