Scaling solutions have become popular over the last few years as they resolve Ethereum’s high fees and slow transaction speed. As the crypto market continues to gain traction, there’s a growing demand for less expensive but faster transactions. And that’s what scaling solutions offer.
These scaling solutions help blockchains like Ethereum with improved transaction speed and reduced cost. They achieve this by enabling off-chain processing while preserving the security of the layer 1 blockchain. We believe scaling solutions will see huge adoption in the bull market. So, this article will show you three scalability tokens to buy on BYDFi. This means everyone reading this can buy it.
We emphasize BYDFI because it’s a reputable exchange and the best option for Americans to access cryptocurrencies without restrictions. Now, let’s get to our list.
Blockchain technology holds immense promise, but one significant hurdle has been scalability. Enter Layer 2 solutions, the game-changers solving this puzzle.
Let's demystify Layer 1 and Layer 2 blockchains and understand why they're the backbone of blockchain's evolution.💡
— TBC 🛸 👽 (@theblockcapsule) August 22, 2023
MATIC (Polygon)
- Native Token: MATIC
- Market Cap: $5,128,107,357
- Total supply: 10,000,000,000 MATIC
- Price: $0.5503
MATIC is undoubtedly one of the best layer 2 tokens you can add to your portfolio as an investor. Polygon acts as an add-on layer to Ethereum but does not seek to alter the original blockchain layer. Thanks to a plethora of sidechains, Polygon helps Ethereum scale. Sidechains are unique blockchains linked to the main Ethereum blockchain and support Ethereum-based applications.
Polygon zkEVM will melt faces soon
It’s a slow process, then boom 💥
zk is holy grail of ETH scalability and polygon zkEVM and other promising zkRs (scroll, stark) will lead
When someone asks you, y is polygon zkEVM TVL not up this is the best response 👇🏻 we stay shipping! pic.twitter.com/7BFBNRYSKZ
— 🐍Salazar.eth 🦇🔊 (@0xSalazar) August 15, 2023
Polygon’s goal is to help Ethereum improve in terms of its efficiency, security, and value. Some of Polygon’s competitors include Solana, Polkadot, and Cosmos.
Polygon has lots of appeal. Developers can leverage Polygon to build user-friendly apps. Some of the platforms built on Polygon include
- Ocean Protocol
- Sushi
- Augur
Additionally, Polygon’s native token, MATIC, also serves as a MATIC governance token. It is also used for staking and the payment of operation fees.
Polygon's zkEVM, developed with Immutable, aims to transform Web3 gaming by significantly reducing transaction costs and boosting scalability, offering a seamless bridge from the Ethereum ecosystem. pic.twitter.com/aLOJeBmckg
— Alpha Batcher (@alphabatcher) August 21, 2023
As already mentioned, MATIC is also a good investment option. Polygon has taken steps to grow its appeal. As a result, the number of addresses holding MATICA has surged by around 40%, according to data from Glassnodes.
In addition, Polygon recently announced optimizations for zkEVM, which slashes fees by almost 20% and will increase Polygon’s adoption. Also, Polygon has struck multiple partnerships, including one with Mastercard.
Key Takeaways
1. Polygon offers Ethereum scalability, interoperability, fast transactions, low fees, and security.
2. Developers build on Polygon because of the SDK, Proof of Stake chain, EVM, zkEVM, Nightfall, Hermez, Miden, ID, and Supernets.
— Blocks United Validator (@blocks_united) August 22, 2023
So, Polygon ticks all the boxes for growth. And it’s only a matter of time before we see that happen.
Metis Protocol
- Native token: METIS
- Market cap: $53,457,139
- Total supply: 5,410,000
- Price: $12.23
Metis is a layer 2 scaling solution that seeks to improve the scalability of Ethereum. The Metis Layer 2 network bundles Ethereum transactions and processes them off-chain. Afterwards, it returns them to Ethereum for recording.
The Metis crypto protocol aims to solve the scalability trilemma and simultaneously achieve security, scalability, and decentralization.
It also aims to create an affordable and scalable environment for apps, businesses, and the development of the DAO community.
— Dami-Defi (@DamiDefi) February 8, 2023
The Metis protocol has some products aside from an L2. It also supports an NFT bridge between its Andromeda network and Ethereum. It includes
- Decentralized Autonomous Companies (DAC): These are DAOs differentiated by their business functions, such as insurance, marketing, and payroll.
- Builder Mining/POLIS (no-code)
- NFT file storage/DAC
- BM: 30% of transactional revenue goes back to dApps.
Metis uses its native token, METIS, to cover transaction fees and for staking. It also offers a scalable and cost-effective platform for developers to build decentralized applications (dApps). Although Metis is popular among developers, it has also suffered from the bear market.
2/ One of the major benefits of integrating Metis L2 network into the AAVE protocol is increased scalability. Metis offers much higher throughput and low fees by leveraging its network, which can significantly improve the user experience. 📈
— Максим (@Prometheus9891) May 14, 2023
The protocol’s TVL currently stands at $24.65 million, which is a far cry from its all-time high TVL of $466 million. However, the declining TVL isn’t much of a concern because Metis has strong fundamentals and use cases that’ll ensure that it bounces back once the market is up.
Here are some reasons to stay bullish on Metis:
- It has a good team.
- It has decent tokenomics.
- There’s a list of well-known investors, such as Parsiq and OKEX.
- It has a growing ecosystem of dapps that includes Chainlink, Sushiswap, Frontier, and OKX.
Although there’s not been so much growth on this project since 2022, we believe it has good fundamentals and partners. Metis offers low fees, among other qualities. So investing in this project could be good for the long term.
Kaspa (KAS)
- Native token: KAS
- Market cap: $795,010,760
- Total supply: 20,306,252,333
- Price: $0.03911281
Kaspa is an innovative, decentralized layer 1 solution making waves in the crypto market. In addition, Kaspa, an open-source solution, provides a user-friendly experience for developers and instant transaction confirmation.
Kaspa – @KaspaCurrency $KAS emerges as a solid alternative to the issues that plague the #Bitcoin network.#Kaspa is not just a cryptocurrency; it's a blazingly fast, decentralized POW network designed to overcome the scalability and congestion bottlenecks of $BTC
— G O N Z O (@GonzoXBT) August 22, 2023
Kaspa works differently from regular blockchain solutions. It uses the GHOSTDAG protocol, which is a proof-of-work (PoW) consensus mechanism that enables parallel blocks to function together. This approach enables Kasper to offer high block rates without compromising security.
Kaspa's speed is nothing short of impressive.
With a remarkable block time of just 1 second, it processes an astounding 60 blocks per minute, 3,600 blocks per hour, and an astonishing 86,400 blocks per day.
— G O N Z O (@GonzoXBT) August 22, 2023
The idea behind this project is to stick to the fundamentals of Bitcoin as defined by the Nakamoto Consensus. Kaspas focus on scalability helps it address the problems faced by existing blockchain platforms.
Developers can leverage Kaspa to create complex Dapps without compromising scalability. Kaspa supports the creation of apps that require minimal fees, high throughout, and instant confirmation.
Kaspa’s use cases extend to several industries, such as
- Gaming
- Social networking
- Supply chain management
- Finance
Kaspa’s potential is not limited to its advanced technology. It can also advance innovation within the Dapp ecosystem. Kaspa has the potential to attract developers looking for a platform with scalability and the freedom to create complex apps. The result could be the emergence of new decentralized applications that are not limited by scalability issues.
Kaspa is revolutionizing the blockchain space with its new #blockDAG architecture. By solving the trilemma of speed, security, and scalability, #Kaspa is paving the way for a future of #DeFi that is guided by a generalized Nakamoto Consensus. $KAS pic.twitter.com/Fbh4ucbTIR
— Crypto Gainz (@GainzKrypto) March 19, 2023
Conclusion
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by BYDFi.
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