L3 Overview: Which projects deserve attention?

Compiled by Shenzhen TechFlow Over the past few years, Ethereum has made significant progress on its roadmap, completing the transition from Proof of Work (PoW) to Proof of Stake (PoS), the so-called "merger" ( The Merge). More recently, there has been a "Dencun" upgrade, including proto-danksharding, making Layer 2 transactions even cheaper.

Before Dencun, Layer 2 transaction fees were about $0.50, and now transaction fees on most Layer 2 chains are only one or two cents. This change greatly facilitates the expansion of new applications on Ethereum.

Since the Dencun upgrade, the daily transaction volume of Arbitrum and Base has exceeded that of the Ethereum mainnet, and this trend continues. While there is still a lot of work to be done in scaling Ethereum, this is an important step in the right direction, with infrastructure improving significantly since the last cycle. The increased activity and transaction volume on the Arbitrum and Base chains in recent months may be just the tip of the iceberg of what is to come in this cycle.

Layer 3 extension

The initial versions of Ethereum rollups are Optimistic and Arbitrum, both optimistic rollups. Currently, there are an increasing number of Layer 2 optimistic and zero-knowledge rollups, most of which are classified as general purpose. Which rollup an application chooses to run or build on depends on its desired feature set and security requirements. For example, applications such as Uniswap can run on a general-purpose Layer 2 such as Arbitrum One. However, if you are a crypto game or NFT project, or other application that requires higher throughput or extremely low transaction fees (such as $0.0001), you may need a different solution. This is where Layer 3 comes in.

Layer 3 Framework

1. Arbitrum Orbit
2. zkSync Hyperchains

Layer 3 General Idea

Expand Ethereum by creating a highly customizable, low-cost, fast and interoperable chain and provide Different levels of security and decentralization.

Degen Chain (DEGEN)

Degen Chain is an innovative blockchain launched in January 2024. Within three months of launch, its fully diluted valuation (FDV) exceeded $2 billion.

1. Degen Chain

- 初次亮相于 Farcaster 的 Degen 频道上
- 使用 Arbitrum Orbit 构建，结算到 Base
- 使用 AnyTrust 实现数据可用性
- TVL 飙升后趋于平稳，DEGEN 价格调整

2. Sanko (DMT)

   • Built using Arbitrum Orbit, settled to Arbitrum L2
   • Using AnyTrust for data availability
   • Focus on NFT and games
   • Native token DMT is doing great in 2024

     

     Dream Machine
3. Dream Machine is a unique application for Sanko L3.
4. Sanko is a social and gaming platform.
5. Sanko.TV combines gaming and streaming entertainment.
6. Users can purchase passes for their favorite streamers.
7. Pass provides access to private chat rooms, similar to how Friend.tech works.

   

   Sanko: The Potential of Layer 3 Chains
   Sanko demonstrates the customizability of Layer 3 chains, showing its potential. The increase in DMT prices demonstrates continued interest in what Sanko has built, and combining the innovative nature of gaming and social is a compelling value proposition. Social apps are starting to gain momentum, so Sanko is definitely a project to watch.

The Future of Layer 3
Layer 2 mainnet has been online for a few years and has made significant progress in scaling Ethereum. While the scaling roadmap continues to advance, Layer 3, which is highly customizable, seems like the logical next step. There are already many projects experimenting with Layer 3 and have made varying degrees of progress.
However, an interesting use case and a short-lived craze doesn’t necessarily mean a good investment. In both of the examples we discussed (DEGEN and DMT), the native tokens experienced significant volatility and the chains were far from proven. However, now that Layer 2 has expanded and transaction fees only cost a penny or two, the opportunities and use cases have greatly increased. It's important to track application type trends due to increased throughput and customizability, and Layer 3 will certainly present some interesting investment opportunities.

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