Currently in the Crypto market layer 2 is in demand and this is one of the methodologies that different companies are following to provide a cost-effective solution. Layer 1 is already very popular and now with layer two, it looks like things are going to be much better and cost-effective for the crypto community. We have seen that some of the projects are doing great work on layer which I think is going to add more value in the overall crypto ecosystem. For example with Ethereum transaction fees are such a big pain and different projects are building solutions where transactions can be done on the Ethereum network but the fee is going to be minimal. Polygon is another example where Ethereum compatible applications can be used but the transaction fee is very low which hardly anyone is concerned about.
OKX is a leading crypto exchnage and now this exchnage has launched the ethereum layer 2 networks. The exchange is trying to build a solution where they are going to provide lower fees along with the decentralised applications and they are expecting five hundred million users on this change. Coinbase has already done it and they have got their chain called base which is also cost effective and users can transact on the chain with quite low transaction fees. It is a big step taken by the OKX Exchange and this should help the community a lot because the problem of higher transaction fees would be resolved this way.
Cryptocurrency exchange OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 network to provide lower fees and interoperability for users interacting with decentralized applications.
Ethereum is a leading blockchain network but it is not for everyone because sometimes even a conversion or swap transaction costs a few hundred dollars which is not at all reasonable. Maybe whales can perform such transactions on the Ethereum network but an ordinary user can not do this and even if the transaction value is not even a hundred dollars then how can someone pay more than the transaction amount towards the transaction fee? The reason why projects choose Ethereum as the chain for project building is because it is a scalable chain but the good thing is that the layer true projects are making their chain Ethereum compatible so the same application can be deployed on layer two networks as well.
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