These Cryptos Have MASSIVE Potential?! ETH Layer 3 Explained!
Published: 2024-04-10
Status:
Available
|
Analyzed
Published: 2024-04-10
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The DGEN token, initially a meme coin, aims to reward engagement on Farcaster.
"its native dgen token was originally launched as a meme coin but also aims to reward engagement on its channel on farcaster a sort of decentralized version of Twitter"
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Solana is presented as a more appealing alternative to Ethereum for new users due to its speed and simplicity, despite Ethereum's greater decentralization.
"the obvious standout here is salana ethereum sluggishness is due to the fact that it's much more decentralized than rival chains like salana but the question will be if newer users will really care enough about this"
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The video aims to provide a comprehensive overview of layer 3 technologies.
"So today we're going to tell you everything you need to know about layer 3s"
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Ethereum's congestion and high gas fees necessitate Layer 2 solutions.
"So in order to overcome this performance ceiling ethereum is supported by layer 2s... Anyways ethereum's popularity means that the network is often highly congested"
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Layer 2s bundle transactions to improve Ethereum's throughput and reduce fees.
"So in order to overcome this performance ceiling ethereum is supported by layer 2s these are protocols built on top of the ethereum main net the layer one to roll transactions up into a bundle and then process that bundle as one transaction before sending the data back to the base layer"
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Layer 3s are advanced protocols built on top of Layer 2 solutions to further enhance scalability.
"enter layer 3es which have popped up to take things to the next level but just what the heck are layer 3es and where did they come from well as you've probably guessed layer 3s are Advanced protocols built on top of layer 2os"
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Layer 3s optimize consensus and data structures to provide higher throughput and transaction processing than Layer 2s.
"now layer 3s are built to work in conjunction with layer 2s to help decongest the layer one and scale the ethereum blockchain even further to do this layer 3s optimize various consensus mechanisms and data structures enabling even higher throughput and transaction processing capabilities than layer 2os"
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Layer 3s enhance usability and interoperability by serving as the application layer for user-friendly decentralized applications.
"the real benefits layer 3's can provide relate to usability and interoperability that's because layer three is considered the application layer this is where more userfriendly applications can be built to provide real world use cases"
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Each Layer 3 hosts a single dApp, allowing for deep customization, robust security, and innovative, tailored fee models.
"to allow these applications to run at full capacity each layer three hosts just one dap this singular Focus offers layer 3 developers unparalleled levels of customization as well as robust security features for each dap giving them the opportunity to create secure applications with the user in mind their independent nature means that they can adopt Innovative fee models tailored to the specific needs of that particular dap"
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Layer 3s can connect multiple Layer 2 networks, enabling seamless cross-blockchain transactions, which Layer 2s currently cannot do.
"layer 3s can also leverage this flexibility to connect multiple layer 2 networks together allowing transactions across different blockchains to be processed seamlessly something layer 2s can't currently do"
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Layer 3s have the potential to be a major catalyst for mass adoption of cryptocurrency.
"put differently layer 3s could become a huge driving force towards the promised land of mass adoption"
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Layer 3s require rigorous testing and robust security measures due to their novelty and individual network configurations.
"before that can really happen though these layer 3s need to be battle tested remember this is a brand new Niche and with each dap running on its own network so it's absolutely critical that they have robust security measures and protection against potential vulnerabilities"
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Successfully implemented Layer 3s could be a significant development shaping the future of crypto through innovation and wider adoption.
"if they can nail all that though layer 3's could be one of the most significant developments in crypto with the potential to shape the future of the industry by driving Innovation expanding the possibilities of blockchain technology and pushing wider adoption"
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Engaging with Layer 3 chains that do not yet have native tokens could lead to eligibility for future airdrops.
"it means that playing around on these chains could mean you're likely to be eligible for airdrops if and or when they do launch their own tokens"
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Stack Chain enables brands to develop loyalty programs to foster community engagement.
"stack chain allows Brands to create their own loyalty programs to drive Community engagement"
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Syndicate's Frame Chain provides an API to assist developers in creating their own Layer 3 solutions.
"syndicate's frame chain is an application programming interface or API that helps developers create their own layer 3s"
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ZK Link Nova aims to unify Ethereum's Layer 2s to create limitless liquidity.
"the protocol aims to unify ethereum's layer tws to achieve Limitless liquidity"
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Many Layer 3 projects focus on scalability, with ZK Link Nova being a primary example of this focus.
"pretty much all of the projects that we've mentioned aim to support scalability in one way or another with ZK link Nova perhaps being the most notable example as this is its primary focus"
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Increased scalability from Layer 3s will improve the performance of gaming networks, leading to a better experience for gamers and developers.
"this scaling subsequently brings benefits to other use cases such as gamey this is because a greater level of scalability means that gaming networks can run much smoother providing a much better experience for gamers and developers alike"
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Layer 3s enable DeFi protocols to offer more financial products and provide investors with more yield generation opportunities due to customizable smart contracts.
"defi protocols can also benefit as the the introduction of more customizable spark contracts means that platforms can now offer even more financial products the flexibility they offer means that investors now have even more options to generate yield than ever before"
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Layer 3s can benefit decentralized social media by enabling social finance elements like NFTs and reward tokens, and are seen as a potential driver for Ethereum's mainstream adoption.
"layer 3es here include Stack The Syndicate frame chain and even the dgen chain as you can imagine there will only be more uses for layer 3 protocols as time goes on but it's clear that they stand to really raise the bar for what ethereum's ecosystem can achieve and could be what finally pushes ethereum into mainstream adoption"
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The complexity introduced by Layer 2 and Layer 3 solutions on Ethereum might deter new users, potentially leading them to simpler monolithic chains.
"the fact that we now have two layers on top of ethereum makes things complicated and in a lot of ways confusing I mean if we really expect the broader adoption of cryptocurrency by new users can we honestly say that ethereum offers the best solution to be blunt they're probably going to turn to other monolithic chains that can handle these things on their own without the additional layers of complexity"
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Ethereum's dominant position in the crypto ecosystem, with most stablecoins and top projects built on it, will be further strengthened by the capabilities of Layer 3s, potentially reducing the appeal of alternative Layer 1s.
"most stable coins are based on ethereum and most of the top 100 projects are either erc20 tokens or are projects based on ethereum's code so when the potential of this already massive ecosystem is supercharged by the new possibilities enabled by layer 3s the use case for alternative layer ones begins to lose some traction"
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There is a debate about whether Layer 3s genuinely add value or merely extract it from Ethereum, as suggested by Polygon's CEO.
"do layer 3s offer real potential or do they only exist to suck up value from ethereum well this is a debate that was recently sparked on Twitter and it was fueled by polygon ceo mark boon who tweeted that quote l3s exist only to take value away from ethereum and onto the l2s on which the l3s are built"
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Vitalik Buterin believes Layer 3s should focus on providing customized functionality distinct from Layer 2 scaling solutions to be worthwhile.
"well back in late 2022 the vog said that layer 3s will serve a different purpose to scaling solutions by providing customized functionality whilst also pointing out that layer 3s will only really make sense if they provide different functions to layer 2os"
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Vitalik Buterin suggests there are simpler methods to achieve the cost savings offered by Layer 3s.
"he also added that quote there are other potentially lighter ways to get the same cost savings that you get from l3s"
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Layer 3s could negatively impact ETH's price due to reduced gas fees, although broader adoption might mitigate this.
"on the one hand they stand to bring ethereum into a new era of accessibility and adoption while on the other hand they could also have a negative impact on eth's price that's simply because reduced gas fees naturally means less demand for eth"
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Layer 3s are inherently centralized because they often rely on a single sequencer node, mirroring the centralized nature of many Layer 2s.
"most layer 2 blockchains use a single sequencer node to organize transactions usually operated by the core development team behind the project this arguably makes them very centralized logically then this makes layer 3s extremely centralized by extension as they do the same thing but on top of the layer two"
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Layer 3s face intense competition from other smart contract blockchains and rapidly improving Layer 2 solutions.
"layer 3s are competing with other smart contract blockchains for the same end goals cheaper fee and faster transactions not only that but they're also competing with the layer 2 space these are only getting faster and cheaper by the day"
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Layer 3s risk fragmenting liquidity in the Ethereum ecosystem, a concern that ZK Link aims to address by aggregating scattered liquidity.
"this is what Mark Boon pointed out on Twitter that fueled the debate we spoke about earlier and he may well have a valid point to be fair this is something that ZK link aims to address in the hope that by collating ethereum's scattered liquidity onto its blockchain ZK link can increase the capital efficiency within the ethereum ecosystem"
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Layer 3s face competition from the Cosmos ecosystem, which has a long history of developing application-specific blockchains and a large ecosystem.
"specifically from the cosmos ecosystem this this is because Cosmos has been at the Forefront of application specific blockchains for years whilst Cosmos is fairly centralized in nature with just 180 validators this hasn't stopped it from building one of the largest ecosystems in all of crypto"
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Layer 3s represent an exciting development for the Ethereum ecosystem with the potential to significantly advance it in the future.
"even so there's still a hugely exciting development particularly of course for ethereum let's just see exactly how far they can bring the ecosystem forward in the future"
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