Layer 2 Coins are cryptocurrencies that utilize a different blockchain network to enable faster and cheaper transactions. Layer 2 Coins aim to solve the pain points of existing larger blockchains, such as Ethereum's scalability problem. This allows users to benefit from the advantages of dApps without experiencing high transaction fees and slow confirmation times. In this article, we present the Top 10 Layer 2 Coins of 2024.

Do you want to learn more about the Top 10 Layer 2 Coins of 2024? Then read on!

1. Polygon (MATIC)

Polygon (MATIC) is a cryptocurrency that focuses on solving the scalability issues of the Ethereum network. The project utilizes a Layer 2 solution to enable faster and cheaper transactions. Polygon acts as a bridge between different blockchains and aims to provide interoperability among different layer 1 blockchains. It aims to stimulate the adoption of blockchain technology by providing a user-friendly platform for the development and implementation of decentralized applications.

The Polygon token, or MATIC, plays a crucial role within the platform. It serves as a means of payment for transactions and is used to reward participants for securing and maintaining the network. Additionally, MATIC is used to participate in Polygon's governance system, giving token holders voting rights and decisions over the protocol.

2. Loopring (LRC)

Loopring (LRC) is a cryptocurrency project that focuses on solving the issues of high transaction costs and slow transaction times on the Ethereum network. The project provides a decentralized protocol for trading cryptocurrencies using layer 2 solutions. By utilizing zero-knowledge proofs and order book aggregation, Loopring aims to facilitate fast and inexpensive transactions without compromising on security and decentralization.

The Loopring token, LRC, serves as a means of payment for placing and executing transactions on the Loopring protocol. LRC holders can stake their tokens to provide liquidity to the protocol and are rewarded with fees for facilitating transactions. Additionally, LRC holders have voting rights in important decisions regarding the protocol via Loopring's governance system.

3. Optimism (OP)

Optimism (OP) is a project that focuses on solving the scalability issues of blockchains, particularly the Ethereum network. The project utilizes Layer 2 solutions to enable fast and cost-effective transactions, allowing users to enjoy the benefits of decentralized applications without the barriers of high transaction costs and slow confirmation times. Optimism aims to achieve mass adoption of blockchain technology by providing scalability and efficiency, allowing users to experience a seamless and enhanced user experience.

The OP token serves as a utility token and is used as a means of payment for transactions within the network. OP holders can stake their tokens to participate in the validation process of transactions and are rewarded with OP tokens for their contribution to securing the network. Additionally, OP holders have voting rights in governance matters, allowing them to participate in the decision-making process regarding the development and direction of the platform.

4. Immutable (IMX)

Immutable (IMX) focuses on creating an open and decentralized infrastructure for the development and execution of blockchain games. The project allows developers to facilitate accurate and secure economic transactions within their games, using Layer 2 solutions to ensure scalability and speed. Immutable aims to transform the gaming industry by enabling a new generation of blockchain games that provide decentralization, authenticity, and valuable in-game economies.

The IMX token, the native token of the ecosystem, is used for various transactions within the games powered by the Immutable network. With IMX, users can buy and sell virtual items, in-game assets, and other functionalities within the games. Token holders also have the right to participate in the governance system of Immutable, allowing them to vote on the future of the platform.

5. Arbitrum (ARB)

Arbitrum (ARB) is a promising cryptocurrency that focuses on improving the scalability and efficiency of smart contracts on the Ethereum network. The project uses Layer 2 solutions to enable faster and cheaper transactions without compromising on security and decentralization. Arbitrum aims to increase the adoption and usability of Ethereum by providing developers and users with a scalable and cost-effective environment in which they can implement and execute smart contracts.

With the ARB token, users can pay transaction fees and stake them to implement and execute smart contracts. Additionally, ARB serves as a reward mechanism for validators who secure and validate the network. ARB also functions as a governance token, giving holders the right to participate in the decision-making process regarding the future development and direction of the platform.

6. Mantle (MNT)

Mantle (MNT) is a Layer 2 coin that focuses on solving the scalability issues of blockchain networks. The project aims to improve the speed and efficiency of transactions on blockchains by utilizing sidechains and state channels. By utilizing these solutions, Mantle strives to enable higher transaction volumes without compromising on security or decentralization. The project also has a strong focus on interoperability, connecting different blockchains to enable seamless value transfer and communication between different networks.

MNT serves as the utility token of the network and is used for various purposes. The token is used as fuel for transactions and the execution of smart contracts. Token holders also have voting rights in making important decisions regarding the ecosystem.

7. MetisDAO (METIS)

MetisDAO (METIS) is a cryptocurrency that focuses on creating a scalable and decentralized ecosystem for dApps. The project aims to solve the barriers of high transaction costs and slow transaction speeds often seen on Layer 1 blockchains like Ethereum. MetisDAO enables developers to build and deploy dApps with an improved user experience. The platform also provides tools and infrastructure to promote the development and growth of dApps, making it easier to build, launch, and manage decentralized applications.

The token of MetisDAO, the METIS token, plays an important role within the ecosystem. The token is required to access the services and features within the network. METIS holders also have access to the governance process, allowing the community to have a say in important decisions regarding the management and development of the platform.

8. Coinweb (CWEB)

Coinweb (CWEB) is a Layer 2 coin that aims to simplify access to blockchain technology for users and businesses. The project aims to bring together centralized and decentralized systems, allowing users to experience the benefits of blockchain without the complexity and technical requirements. Coinweb utilizes smart contracts and sidechains to enable higher transaction speeds and lower costs while maintaining decentralization and security. Coinweb aims to increase the adoption of blockchain technology and enable people to easily utilize dApps and financial services.

The Coinweb token serves as a utility token on the platform and has various functionalities. Users who hold CWEB tokens gain access to different services and functionalities offered by the platform. The token is also used as an incentive for participants who add value to the network, such as providing liquidity or performing certain tasks.

9. SKALE (SKL)

SKALE (SKL) is an innovative cryptocurrency that aims to solve the scalability problems of blockchain networks. The project aims to improve the performance of Ethereum and other decentralized application platforms through elastic sidechains. With the help of these elastic sidechains, SKALE can offer high transaction volumes and faster processing times without compromising decentralization and security. The platform also allows developers to easily create and manage their own sidechains, stimulating the adoption of decentralized applications and improving the user experience.

SKL serves as a utility token that is required to access the services of the SKALE network. Users need to hold and spend SKL to participate in various activities and operations within the platform. Additionally, SKL has a governance process, where token holders have the right to participate in the decision-making process regarding the future and management of the platform.

10. LayerAI (LAI)

LayerAI (LAI) is a cryptocurrency project that aims to provide scalability, flexibility, and interoperability for blockchain networks. The project aims to accelerate the adoption of blockchain technology through a faster and more efficient infrastructure. With the help of sidechains and technical innovations, LayerAI aims to significantly improve the performance of blockchain networks, enabling higher transaction volumes and a better user experience. LayerAI also focuses on interoperability, allowing seamless communication and value transfer between different blockchains.

With the LAI token, users and developers gain access to the services and functionalities of the platform. Additionally, LAI serves as a governance token, giving token holders a say in important decisions regarding the development and future of the platform.