1/ In the quest for scalability, L2s continue to display consistent growth. In fact, #Ethereum L2 activity is at an all-time high.
2/ A number of recently launched / announced L2s have been built using @optimismFND's open-source software development toolkit, the OP Stack. In our latest report, we took a close look at the OP Stack and some of its most notable projects.
A few takeaways🧵
3/ So what exactly is the OP Stack? The OP Stack is Optimism’s shared, standardized, and open-source software development kit that modularizes all aspects of L2 architecture. It consists of various software components that can be used to create your own #rollup.
4/ Optimism envisions a future with a decentralized network of L2s that share security, a communication layer, and are all built using the OP Stack. They refer to this as the #Superchain. OP Mainnet, their flagship L2, is the first member of the Superchain.
5/ Notable mainnet launches of OP Stack-based chains include Base, Zora and Public Goods Network, with others like DeBank, Ancient8 and Mode currently in testnet. A few highlights:
6/ Since launching mainnet in early August, @BuildOnBase has seen significant traction, driven by ‘Onchain Summer’ and notable project launches such as Friend.Tech. Base also recently introduced ‘Pessimism’, a risk monitoring system for OP-Stack and other EVM chains.
7/ After the initial buzz in August, @friendtech‘s daily transactions slowed down significantly, before seeing increased interest in recent weeks.
8/ Zora Network is the L2 rollup behind the @ourZORA NFT protocol. Zora Network describes itself as the “L2 that puts NFTs first”. Creators and developers can both earn protocol rewards when using the network.
9/ Public Goods Network (“PGN”) is the Gitcoin-backed L2 that is designed specifically to support public goods through the distribution of sequencer fees. @pgn_eth plans to use Contract Secured Revenue (“CSR”) to help developers to create sustainable business models.
10/ Mode, which is currently in testnet, is “the L2 designed for hyper-growth”. @modenetwork also aims to use CSR to share revenue with developers and users for their contribution to the ecosystem.
11/ DeBank Chain is another notable OP Stack chain in testnet. @DeBankDeFi is a #web3 social platform that provides portfolio analytics, messaging and other social functions. The chain will aim to reduce the cost of transacting within their ecosystem. Mainnet is expected in 2024.
12/ Ancient8, Vietnam’s largest gaming guild, is also currently in testnet with their gaming-focused L2. @Ancient8_gg seeks to create an entire gaming ecosystem covering every aspect of game development and marketing, from creation to promotion.
13/ They have already introduced a set of integrations with partners to help game developers, including a launchpad, gaming community, and identity platform etc.
14/ Rollup-as-a-service (“RaaS”) platforms are crucial to L2 growth. One notable project is Conduit, which lets developers easily launch their own optimistic rollup. While @conduitxyz initially focused only on the OP Stack, they also recently added support for Arbitrum Orbit.
15/ A number of chains have used Conduit to launch their rollups, including Zora Network, Public Goods Network, Ancient8 Chain, and Mode.
16/ @alt_layer is another RaaS platform that is designed for the #multichain and multi-VM world, and supports EVM, as well as WASM. The notable distinction from Conduit is its support for a variety of chains and development kits e.g. OP Stack, Arbitrum Nitro, Polygon zkEVM, etc.
17/ Overall, the L2 era is certainly upon us. RaaS solutions are critical and making it easier to deploy more L2s using kits like the OP Stack. Proto-Danksharding is expected to further reduce L2 fees by a significant amount, which should further contribute to more L2s.
18/ For more insights on the latest development in the OP Stack ecosystem and what the future holds for the ever-evolving L2 landscape, read our latest research report: “The OP Stack: What’s New?” at https://www.binance.com/en/research/
