Coinmetrics: Layer1 Blockchain Ecosystem Data Perseverance

Author: Matías Andrade & amp; Tanay ved Source: Coinmetrics Translation: Good Oba, Bit Chain Vision Realm

Key points:

• The innovation on the Layer-1 platform is heating up, and the changes that require us to compare the data and compare the different functions and weighs provided by these different L1s.

• Bitcoin is developing from a special chain that is mainly a settlement layer to a more common platform, using the security of its second -level function to transition to a more common platform.

• With the recent DENCUN upgrade, Ethereum is moving towards the modular blockchain architecture, using a special layer to achieve its functions, highlighting the differences between the overall network and the modular network.

introduce

As the old paradigm is abandoned and the realization of new perspectives, the innovation in the field of digital assets seems to be heating up again.Bitcoin is developing from a dedicated chain of the trading settlement layer from a main purpose, developing into a more common platform, and using its extraordinary security to serve the second floor function.Similarly, with the recent DENCUN upgrade, Ethereum is moving towards the modular blockchain architecture and processing its functions through a special layer.We also witnessed the birth of a new first -layer blockchain like APTOS. It uses different virtual machines and other blockchains such as Monad to bring parallel execution capabilities to EVM.

In this period of COIN METRICS’s network state, we discussed the diversified prospects of the first -level blockchain network and understood their impact on a widespread encryption ecosystem.

What constitutes Layer – 1?

In the encrypted ecosystem, Layer-1 (or L1) is a basic layer or basic blockchain network, and other layers and applications are built on it.The L1 blockchain network is an independent and decentralized ledger. It operates independently and establishes its own consensus, transaction verification and data storage rules.These networks act as infrastructure and provide development and deployment decentralized applications (DAPP) and other blockchain -based solutions.Many first layers have appeared in the past cycle, and each one has obtained to varying degrees of attractiveness and maturity.

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Type of the first floor blockchain

Although all L1 networks have the basic characteristics of decentralization and protect their respective ecosystems, they can be roughly divided into two types: dedicated networks and general platforms.

Professional network:These L1 are mainly designed to promote the point -to -point transactions to promote security and be used as a powerful settlement layer.Examples include Bitcoin, Litecoin and dog coins.Although they may not directly support complex smart contracts or decentralized applications, their main purpose is to use strong security assurance and decentralization to provide reliable and not trust value transfer, even if OMNI and other protocols may be used.Or build a summary at the top.

Universal platform:These L1s are designed as a programmable platform to support various decentralized applications and smart contracts.Examples include Ethereum, TRON, Solana, Avalanche, etc.These networks usually give priority to programming, scalability, and interoperability to support the development and deployment of various decentralized solutions, including decentralized exchanges, borrowing agreements as part of DEFI, etc.Lay
-1 can further classify or core blockchain function according to its architecture differences, including execution, consensus and settlement.

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Monolithic:This includes L1, for exampleBitcoinandSolanaThey handle the execution and settlement of transactions and the maintenance of consensus in the single layer.
Modification:This includes the statueAvalancheAs well asCosmosClosestL1 like EthereumAnd the roadmap centered on the summary.The modular blockchain divides these functions into different specialty layers.Although these categories provide a high -level generalization, understanding the subtle differences and weighing between these L1 network categories are essential to understand the broader development and potential in the development of decentralized ecosystems.In order to learn more deeply, we will understand how these networks cross different methods through data drivers and provide innovative solutions for the fundamental problems brought by decentralized networks.

Network performance

The performance of L1 blockchain may be affected by multiple technical factors, such as consensus mechanism, block size (the amount of data that can accommodate in the block) and block time (the time required to add new blocks to the blockchain), Take a few examples.These factors can directly affect the transaction speed and network throughput of L1, thereby affecting the user experience of the blockchain.Due to the unique design selection and architecture weighing of L1, these indicators cannot be used as a means of direct comparison, but as a means to understand their technical differences.

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As shown in Solana (about 0.4 seconds) and Avalanche C chain (2 seconds), the average block time is shorter and can be implemented in transactions faster.This is particularly beneficial to high -frequency transactions, such as financial transactions, micro -transactions or speed -related game -related interactions on applications such as decentralized exchanges (DEX).In addition, the Avax-C and Ethereum also have a constant block time, which makes the average distribution very close (some abnormal values ​​come from missed blocks).On the other hand, the average time for Bitcoin and Litecoin is long (Bitcoin is about 10 minutes, and Litecoin is about 2.5 minutes), which makes network security priority at the transaction speed.

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The same relationship can also be understood as the signs of the difficulty of participating in the consensus process and the underlying network performance.This is obvious when we regard the size of the blockchain as the size of the new block and the function of the creation rate.It is easier to synchronize as independent node operators as independent node operators with a longer blockchain (such as Bitcoin) with a longer block chain (such as Bitcoin).Compared with Ethereum, the requirements are higher, because the network performance requirements that include blocks faster will increase the size of the download size, and require higher performance computers and network infrastructure to maintain comparable supervision of the network.

Cost and economy

The main product of the first floor blockchain is block space.Users and applications can access this valuable resource by paying fees, usually pay for the online token (ie Eto) of the network (ie, Ethereum).These transactions have two important purpose: First, they suppress network spam, second, they are subsidized or compensated as the miners/verifications responsible for building a block.However, the specific structure of the cost market for different L1 may be different.Although some blockchain such as Ethereum uses auction -based models and users bid block space, other blockchains such as Solana are calculated based on data size and required to use more static cost structures.The changes in these cost structures means that L1 responds differently to changes in demand, which affects the user experience of transactions on the blockchain.

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Solana’s trading fee is the lowest in the L1 shown in the figure above.Although the average cost has recently risen to about 0.059 US dollars due to increasing congestion, its low cost has made it one of the cheapest blockchains in transactions.The Avalanche X chain responsible for Avax’s transfer, and the Avalanche C chain where the smart contract is located, the cost is relatively low.Avalanche’s cost mechanism is similar to EIP-1559 in Ethereum, with dynamic basic costs and priority costs, fluctuating according to the utilization rate of block space.
On the other hand, before the Dencun upgrade, users on Ethereum have been working hard to deal with high transaction costs. The Dencun upgrade introduced the adjacent expense mechanism to pricing the use of Blobspace.Although the average cost of Ethereum L1 is still relatively high (about $ 3), the cost of the Ethereum Layer-2 solution is actually costless.The average cost of Bitcoin is usually between $ 1 and $ 4.^{However, in the fourth timeOn the same day, the demand for the newly released “Runes” protocol in the same block of the incident surged, and the average costs soared to $ 124.}

Use and use indicators

After mastering the technical capabilities and cost structures of various L1, we can thoroughly study their comparisons in adopting and using indicators.The active address of Bitcoin and Ethereum L1 (the number of active addresses in the network) remained relatively stable, about 800K and 600K, respectively.Since the account (EOA) and program derivative accounts (PDA) have an external account (EOA) and program derivative accounts on Solana, the active address count may be misleading.However, the independent wallet on Solana rose to 1.2 million in March, and then gradually decreased to about 900,000.Other L1s such as Avalanche and Cardano have also appeared, but failed to maintain high -level activities.

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As stable currency began to surge in various L1, the value transferred in each stable currency provides important agents for their use on these blockchains.Tether (USDT) has maintained a strong foundation on TRON due to its low cost and favor of emerging markets.AdjustedThe transfer value is $ 14B, and the median transfer value is $ 312.

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Secondly, the USDC and USDT on Ethereum. The currently displayed transfer value is about $ 6B, and the medium number of transfer is about 800 US dollars and $ 1,000, respectively.With the resurgence of the Solana ecosystem, USDC also attracted attention on the blockchain, and the adjusted transfer value was $ 3B.Due to the low cost, the median transfer value of stable coins on Solana is the lowest, USDC is $ 20, and USDT is $ 75.

Using and using indicators can understand the attraction of different L1 networks in depth.The number of active addresses of Bitcoin and Ethereum L1 remains relatively stable, while the unique wallets of Solana have increased.Tether (USDT) and USDC have obtained significant attraction on various L1. Among them, TRON is leading the use of USDT due to its low cost and attractiveness to emerging markets.

in conclusion

The pattern of the first -level blockchain network has a significant impact on a wider -wide crypto ecosystem.As we see, the L1 network can be classified according to its professional (transaction settlement and general platform) and its architecture method (overall and modular).These differences lead to changes in network performance, cost structure and adoption of indicators.

With the continuous development of the encrypted ecosystem, understanding the subtle differences and weighing between different L1 networks are essential to understand the broader dynamics and potential of decentralized ecosystems.The emergence of the new L1 and the evolution of the existing network highlight the continuous innovation and competition in the field, and finally the use of users benefited and promoted the growth of the decentralized economy.