From Rollups to Sidechains, L2 Watch Catalogs Dozens of Bitcoin Layer 2 Solutions
In existent years, attention towards layer 2 (L2) scaling handles for Bitcoin has persevered, though bitcoin ability in the Lightning Network has seen a disapprove. In existent years, other arrays of L2 handles have appeared, apprehending the attention of the crypto metropolitan. On March 19, 2024, the lead creator at Blockchair unveiled L2 Watch, an exhaustive compilation of energetic and also in-furtherance Bitcoin L2 networks.
The Landscape of Bitcoin L2 Businesses
Most are probable inexperienced that, provided that late November 2023 or over the last 90 days, the amount of bitcoin (BTC) desperate up within the Lightning Network has slashed from 5,530 BTC to a position entirety amount of 4,730 BTC. Even more, it’s highly probable that the presence of a broad hodgepodge of other layer 2 (L2) networks proper doning the Bitcoin blockchain has escaped widespread alert. On March 19, 2024, Nikita Zhavoronkov, the lead creator at Blockchair, launched a gradual net lookout that services lots of L2 handles.
The checklist of L2s are damaged down into innumerable groups prefer Rollup, Say Network, Sidechain, Credit reports Mint, and also Chaumian Ecash, among others. It in a equivalent way describes what stage the project is in for instance while some are on mainnet, others are in pre-testnet position, and also in testnet position as nicely. For instance, AINN Layer2 (AIL2) is an EVM-proper Bitcoin L2 project started in 2023 that is in pre-testnet position applicable now. Merlin Chain a sidechain is a L2 powered by Bitmap and also it is accessible on mainnet.
26 Bitcoin L2 networks are in pre-testnet position, 15 duties are in testnet position, and also 26 are mainnet deployed at the time of designing. Pre-testnet position Bitcoin L2s include duties prefer Fedimint, Citrea, BL2, Mirror L2, and also Side Strategy. Projects in the testnet stage include Rooch Network, BOB, Bool Network, Rosetta Network, Satoshivm, Rollkit, and also Drivechain. Mainnet frames requires Core DAO, Elastos, Substantial amounts, Sovryn, Mintlayer, Libre, BEVM, and also Biop.
Some of the duties have hoisted funds from capitalists from solution providers prefer Hashkey Capital, Okx Endeavors, ABCDE, LD Endeavors, Galaxy, DWF Research laboratories, Andreessen Horowitz, Fenbushi Capital, and also Blockchain Capital. Even more, the Blockchair webportal emphasizing the myriad of L2s substantiates whether or not the duties have travelers or control panels to adhere to the network’s duties and also performance. While most L2s on Bitcoin have travelers multitudinous do not, at least according to the compiled checklist on l2.watch.
For an extended duration, the Lightning Network has commercialized its prestige within the conversation on Bitcoin’s L2 handles, outweighing a comprehensive utility of other contingencies. Most boxers strive to optimize Bitcoin’s scalability doning multifaceted habits, yet, in comparison to Ethereum’s profitability doning its L2 grantings, most of these Bitcoin L2 handles have either struggled to gain momentum or linger in the super early phases of screening to establish their viability.
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