Is Polygon an L1 or L2?
| L1 (Ethereum) | L2 (Polygon) |
|---|---|
| Ethereum blockchain network | Polygon blockchain network, but based on Ethereum and uses the same Ethereum addresses, so many smart-contract features will continue to function |
| PoW (Proof-of-Work) consensus | PoS (Proof-of-Stake) consensus |
Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security.
Polygon is a Layer-2 scaling sidechain solution because it has an ecosystem of its own (POS Chain, Plasma Chains, ZK-rollups, Optimistic rollups, etc).
Matic Polygon is a L2 aggregator.
What is Polygon (MATIC)? Polygon is a layer 2 scaling solution on the Ethereum network. While it exists alongside the original chain, it creates a separate chain that is faster, maintains higher TPS (transactions per second), and lowers fees per transaction.
Polygon is a Layer 2 solution built on Ethereum. This sidechain is not an “Ethereum killer” but was created to help Ethereum expand in efficiency, security, size, and usefulness.
Polygon is a Layer 2 scaling solution for the Ethereum blockchain. Polygon acts as a faster blockchain running concurrently alongside the Ethereum blockchain that uses multiple sidechains. These sidechains operate using the following methods to help improve scalability methods.
Fantom is a Layer-1; a layer-1, also referred to as the mainnet or mainchain, is the base blockchain, such as Bitcoin, Ethereum, Binance Chain, Solana, Cardano, etc. Layer-1s have their own infrastructure to process transactions and rely on their own security protocols.
Polygon is a protocol and framework for connecting Ethereum compatible blockchains. Polygon also operates a hybrid Proof of Stake and Plasma sidechains. DApps and tokens from Ethereum can be deployed on the Polygon Network for increased throughput and scaling. Polygon is the first cross chain deployment of Instadapp.
Polygon (MATIC) exists on the Ethereum blockchain, but it is so unique that it no longer meets the ERC-20 Standard.
Is Avax a Layer-2?
What is AVAX? Avalanche (AVAX) is a layer-1 smart contract platform built by Ava Labs, which is headquartered in Singapore.
L1 chains include Ethereum, Solana, and Terra. Layer 2 is a scaling solution for the main blockchain. In the Ethereum ecosystem, L2 solutions include: Rollups that perform transactions off-chain before adding them to the main chain.
In the decentralized ecosystem, a Layer-1 network refers to a blockchain, while a Layer-2 protocol is a third-party integration that can be used in conjunction with a Layer-1 blockchain. Bitcoin, Litecoin, and Ethereum, for example, are Layer-1 blockchains.
Solana provides much faster transactions at a reduced cost when compared to Ethereum and Polygon, while Polygon provides faster transaction speeds. However, Ethereum still stands as the most diverse and transparent landscape of decentralized applications.
Polygon is a “layer two” or “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network's native cryptocurrency, which is used for fees, staking, and more. You can buy or sell MATIC via exchanges like Coinbase.
MATIC tokens are used to govern and secure the Polygon network and pay transaction fees. Polygon uses a modified proof-of-stake consensus mechanism to efficiently operate the platform.
MATIC is commonly bought/traded on both centralized and decentralized exchanges as an ERC-20 token, i.e. a token usable on Ethereum. If you want to use these ERC-20 tokens on Polygon itself, you will need to use a bridge to swap your ERC-20 MATIC 1:1 for Polygon network MATIC (see below).
| Cryptocurrency | Market cap |
|---|---|
| Bitcoin | $393,497,676,980 |
| Ethereum | $132,766,970,641 |
| BNB | $34,799,746,758 |
| Cardano | $16,321,354,418 |
In this blog post we will take a quick look at what layer 1 blockchains are, what challenges the likes of Bitcoin and Ethereum face, and how Cardano, Solano and Cosmos are just three exciting new layer 1 blockchains that are drawing investment due to their enhanced functionality for creating innovative DeFi ...
- Ethereum - AU$214 billion.
- Terra - AU$25 billion.
- Binance Smart Chain - AU$23 billion.
- Avalanche - AU$16 billion.
- Solana - AU$15 billion.
Is Fantom a layer 1?
Fantom is a Layer-1; a layer-1, also referred to as the mainnet or mainchain, is the base blockchain, such as Bitcoin, Ethereum, Binance Chain, Solana, Cardano, etc. Layer-1s have their own infrastructure to process transactions and rely on their own security protocols.
