Ethereum Layer 2 Tokens Standing A Threat To Layer 1’s As Regards Adoption Rate

Ethereum layer 2’s are preparing for something significant to happen as regards adoption market price to mention a few. Bloomberg’s lead commodity strategist in a report is saying that Ethereum layer 2 is posing as a threat for Ethereum layer 1 digital assets such as Solana and Avalanche.

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The report details that Ethereum Layer 2 are gaining more grounds in the adoption rate, being specific he spoken about polygons “matic” in he’s words;

Even as activity declined on the Ethereum base chain, 2022 was a pivotal year for the asset, as the adoption of NFTs and Web3 applications on Layer-2 chains drove massive network effects. Layer-2s (L2s) is an umbrella term for blockchain-scaling solutions that attempt to address the constraints that Ethereum currently confronts…

Sharding in late 2023 is intended to alleviate scalability issues. In the meantime, L2s have stepped in to enhance the user experience and stop the flow of users to alternative layer-1 chains such as Solana, Avalanche.

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