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Home»Web 3»[PART 2] The Ethereum Layer-2 Wars (Here’s Where Things Stand Now)
Web 3

[PART 2] The Ethereum Layer-2 Wars (Here’s Where Things Stand Now)

2024-03-19No Comments2 Mins Read
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TL; DR

  • As it stands now, transferring ETH to an L2 still requires a high initial fee – and if/when you want to transfer between L2s, this can take up to 7 days.

Full story

To understand how the war of the Ethereum layer 2s will play out, we must first understand the relationship Ethereum currently has with its users…

If it were a conversation, it would go something like this:

User: I have some Ethereum in a self-custody wallet and wanted to send it to a layer 2 (L2) network to save on fees and…

Ethereum: Say no more: that’s smart of you! That’s $50 in transfer fees.

User: Wait, I thought those fees were waived?

Ethereum: They are once you ‘bridge’ (transfer) your ETH to an L2 – but don’t worry, if you bridge from a centralized exchange (like Coinbase for example) it’s dirt cheap!!

User: Okay, cool, let’s move half of my ETH to the exchange and do the ‘bridge’.

Ethereum: Nice! That will be $50.

User: Goddammit, so $50 anyway, huh? I only bear that fee once → move to an L2 → and be done with the mainnet transaction fees.

Ethereum: Amen! Right, so you want to build a bridge to optimism? Polygon? Arbitration? Running ring? Base? Maybe, Starknet?

User: I don’t know… I mean, I wanted to collect a Podcast NFT pods.media?

Ethereum: Nice! They use optimism. Bridging now.

User: Okay, cool. What if the next platform I want to explore doesn’t use optimism? If I need to switch to another L2 — It’ll still be cheap, right?

Ethereum: Absolutely, it will be! Although… it takes anywhere from 20 minutes to 7 days for the transfer to complete.

User: My disappointment is immeasurable and my day is ruined.

Good news is: these are just the growing pains of the world’s second largest cryptocurrency!

See also  Merlin Chain launches AI assistant 'Merlin Wizard 0.1' for user interaction in the Bitcoin Layer2 -Ecosystem

They will pass in due time.

Learn how, in part 3…

Source link

Ethereum Heres layer2 Part Stand Wars
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