Layer 1s

What are layer 1s in crypto and what are the key L1 projects?

Layer 1 in crypto refers to blockchains that compete against each other to offer smart contract functionality. The first Layer 1 blockchain was Ethereum. Inspired by Bitcoin, Vitalik Buterin wrote a whitepaper that envisioned a platform using the same mechanics as Bitcoin. The difference was that instead of only offering one currency developers could engineer all sorts of financial innovation and more. With Ethereum setting the example many other alternative Layer 1 blockchains have emerged. They claim to be faster and more efficient than Ethereum. So far Ethereum has won the race with most developers building on it. But some of the other layer 1s described below are rapidly growing. Most agree that the future of multi chain an no single blockchain will prevail. If that is true then it would be good for you to get to grips with each of them if you want to get a footing in understanding the crypto space.

Some of the most well known Layer 1s after Ethereum are Solana, Polkadot, Fantom, Avalanche and Cardano.

In contrast layer 2 refers to code and protocols that are built on top of layer 1s to improve them. So for example Polygon is a layer 1 system that is built on top of Ethereum which is a layer 1. The two systems talk to each other so that the Layer 1 can scale faster.

Check up some of the key Layer 1 crypto blockchains you should know about below

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