The crypto space is one of the fastest-growing industries in the market. Every day, there is always a new coin with new perks joining the industry or existing coins introducing groundbreaking upgrades to enhance the user’s experience. These coins lead the development and set the bar for others to reach.
Layer 2 is essential in blockchain technology as it assists in scaling applications by processing transactions on the regular Ethereum network whilst retaining the same security and decentralization as Layer 1. These upgrades increase the transaction speeds and reduce the carbon footprint of the platform.
Recently, Shiba Inu and Ethereum announced their layer 2 upgrades, Shibarium and Arbitrum, respectively, which actively enhance the user experience, make the platform more efficient in their processing speeds, and make way for more reasonable transaction fees. In addition, Big Eyes Coin has been making waves by finally reaching its $33 million raised in the presale milestone.
Arbitrum – The Ethereum Game Changer
Arbitrum is Ethereum’s solution to the transaction fee crisis that has plagued them for the longest time and has hindered its growth. Due to the blockchain operating on smart contracts, all of their network participants who store the contracts on their hardware are rewarded through transaction fees. As the number of users increases, so do the fees because more transactions are required to be processed.
The Layer 2 upgrade uses Optimistic Rollups wherein multiple transactions can be processed as a single transaction. Due to the blockchain not being required to confirm every individual transaction, the process is much more efficient. This method works by assuming that every transaction in the rollup is valid. When all the batches of transactions are collected and settled on the sidechain, it feeds it back onto the Ethereum Ledger.
This is the first major step by Ethereum to significantly improve the experience of its users by implementing a faster processing methodology and enhancing their overall scalability.
Shibarium – The Lifeline Partnership
Like Arbitrum, Shibarium is the Layer 2 solution of Shiba Inu, a blockchain built on the Ethereum Network. This upgrade is focused on improving the scalability and increasing the transaction speeds of the host chain.
Through Shibarium, there will be a much-anticipated increase in transaction speeds, allowing for more to occur and lower transaction costs. The upgrade will split a transaction into the layer 1 chain of Ethereum and the layer 2 protocol of Shibarium, limiting the system load for Ethereum and successfully decreasing network congestion.
In addition, Shibarium allows users to burn coins, limiting the amount in circulation and effectively increasing their value. Users who perform this activity will likely be rewarded with lower transaction fees.
This upgrade will effectively enhance the blockchain’s security and offer users transparency as they can view and track their transactions. The higher speeds contribute a great amount of efficiency to the system.
Big Eyes Coin – A $33 Million Milestone
One of the most talked about, fastest-growing coins is on track to make its $50 million presale goal.Big Eyes Coin is a concept that has yet to be seen in the market and offers its users a host of value beyond what anyone could expect.
The site offers its users a chance to win big through its loot boxes, which cost between $10 and $10,000. By purchasing these, users stand a chance to win prizes valued at between $500 and $1 million BIG and, in addition, receive a 250% bonus. Users must choose a box and input the code BULLRUN250 to unlock their prize.
In addition to this, the site recently introduced a Big Eyes Loot NFT minting option with which users can collect, mint, and trade NFTs. This allows you to earn a significant profit even before the coin starts to deliver on ROI at launch, further confirming Big Eyes’s lucrative benefits.
Big Eyes Coin is also a site with a green paw, pledging an incredible 5% of its total earnings to ocean conservation charities. This allows eco-friendly investors to add one more initiative to their portfolios.
Is Layer 2 The Ultimate Upgrade?
The blockchain space is ever-evolving because that is what it takes to survive. Although efficient, many blockchains have downsides like high gas fees, high transaction fees, and a generally disappointing user experience. The Layer 2 upgrade is a game changer in this sense because it paves the way for better experiences and operational capabilities of the blockchain and enhances the performance of the ecosystem as a whole.
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