🔢 Blockchain Industry｜Layer 2 Networks
· What it is: A Layer 2 network is a scaling network built on top of the Ethereum mainnet. It processes transactions on Layer 2, then submits the results to the mainnet.
· How to think about it: Layer 2 saves money because many transactions are bundled together and written back to the mainnet at once, so the mainnet fees are shared among many users.
· In practice: Before withdrawing assets from Layer 2 back to the mainnet, check whether you’re using the official bridge or a third-party cross-chain bridge. Transfer times and risks vary.
$ARB 0.1952 (+7.02%)
· What it is: A Layer 2 network is a scaling network built on top of the Ethereum mainnet. It processes transactions on Layer 2, then submits the results to the mainnet.
· How to think about it: Layer 2 saves money because many transactions are bundled together and written back to the mainnet at once, so the mainnet fees are shared among many users.
· In practice: Before withdrawing assets from Layer 2 back to the mainnet, check whether you’re using the official bridge or a third-party cross-chain bridge. Transfer times and risks vary.
$ARB 0.1952 (+7.02%)