Blockchain Layer 2 scalability solutions : a framework for comparison
| Autor: | Vilá Brualla, Marta |
|---|---|
| Přispěvatelé: | Universitat Politècnica de Catalunya. Departament d'Enginyeria Química, Politecnico di Milano, Pérez González, Juan Jesús, Perego, Alessandro, Ghezzi, Davide, Vella, Giacomo |
| Jazyk: | angličtina |
| Rok vydání: | 2023 |
| Předmět: |
Distributed databases
Cadena de blocs (Bases de dades) -- Aspectes econòmics -- Previsió Economia i organització d'empreses::Competitivitat i innovació::Intel·ligència competitiva [Àrees temàtiques de la UPC] Informàtica::Aspectes econòmics [Àrees temàtiques de la UPC] Criptomoneda -- Bases de dades -- Disseny i construcció Cryptocurrencies -- Databases -- Disseny i construcció Bases de dades distribuïdes Blockchains (Databases) -- Economic aspects -- Forecasting |
| Popis: | Blockchain technology is disrupting the norm across a large number of industries. However, for it to have large-scale adoption, scalability needs to be improved. As various efforts to ameliorate scalability are on the rise, Layer 2 solutions seem to be the escape velocity the blockchain scene needs for success. Most of them being launched in 2021, Layer 2 solutions’ TVL has risen 119% (denominated in ETH) this past 2022 [20] evidencing that not only they are technically a virtuous solution but also widely demanded, as numerous decentralized applications are migrating to these protocols. This thesis aims to study the more prominent Layer 2 protocols by, firstly, comparing the thesis surrounding them with the actual scene values and, providing an assessment of metrics considered relevant when analyzing blockchain protocols, especially for Layer 2 protocols. Therefore, the most relevant frameworks of study concerning these solutions are analyzed and further metrics not considered in them are presented. In the study, to validate the proposed additional metrics, a study regarding their validity and relevance is done. The importance of these solutions’ community in terms a directly precursor of value is assessed comparing to their inherent value as a blockchain solution. Moreover, the ecosystem of decentralized applications is assessed, while also analyzing the theory of fat protocols [6]. Finally, the major investors in the L2 ecosystem are studied, as well as the total funding amount the solutions have gotten over time. The results of this study are, firstly, a framework that can be used to assess layer 2 solutions, mainly general-purpose rollups, beyond technological intricacies, and give perspective on which protocol has more usability and success currently, and which may succeed or might be more widely used in the future. Secondly, the study reveals that community, measured in social media following, does not directly impact the valuation metrics of these protocols; that there are few major investors in the space with a lot of value accrued across this layer 2 space; that the protocols that have gotten higher investment (zk rollups) are not those with higher TVL (optimistic rollups); and, finally, that the dApps ecosystem is gaining value within the protocols, as all types of dApps are present in all the different protocols no matter the underlying used technology (optimistic or zk rollups). Also, it clarifies that DeFi continues to be the ruling category within dApps. Lastly, this study can set the grounds of further analysis regarding scalability-enhancing solutions. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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