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L1 vs L2: Entering The Endgame
While Ethereum’s blocks have been nearly full for over a year, we’ve seen multiple L1 & L2 networks...for independently secured modules whereas Ethereum, Polkadot, Near, and Celestia (a relatively new L1...What makes rollups special amongst L2s is that they don’t try to get around this problem.
15 Min
Validators
Dec 2021
Avalanche L1s: Powering the Future of Appchains
Examples like Uniswap (Unichain L2) and dYdX (dYdX L1) come to mind....the L1’s performance. ...to digitize more than 42 million vehicle titles....Any assets on the Avalanche L1 will be solely under the purview of the L1....While the circulating supply is ~418m, the current max supply of AVAX is ~715m tokens, with 4.6m already...
22 Min
Infrastructure
Jun 2025
Inside Avalanche L1s – The Avax Ecosystem
Morgan and FIFA are opting for tailored Avalanche L1s....Avalanche now supports 75 active L1s and over 845 total validators....Cumulative AVAX burned from appchain fees has surpassed 4,200 AVAX post-Etna, reflecting the growing...catalyst here, enabling Gunz to combine EVM compatibility with permissioned contract deployment and up to 4,500...
18 Min
Infrastructure
Jul 2025
The L2 Wars
In this case, the proof is in the fees: ~4% of Ethereum’s gas is now consumed by L2 contracts, up from...Additionally, L2s have flipped the Ethereum base layer in terms of transactions per second....Combined, they account for over 80% of the total value locked across all L2s....Since then, the seven-day average volume has declined by -53% from $42M to $20M.
7 Min
Layer 2 / L2
Jan 2023
HIP-4:A New Way To Express A Bet
MAY 2026 HIP-4: A New Way To Express A Bet​ Abstract HIP-4 introduces a new contract type that lets...Payoff Shape​ ​ HIP-4: A New Way To Express A Bet​ Delphi Digital | 05 Who Wins on HIP-4?...7% $70M 6% $60M 5% $50M 4% $40M 3% $30M 2% $20M 1% $10M 0% $0 Illustrative HIP-4 Revenues...
Derivatives
May 2026
Relief Rally, L1s Battle, L2s Gain Steam
ETH Lags Other L1s Over the past 30 days, ETH has struggled to keep up with other L1 tokens....likely cause for this has been the flurry of announcements regarding new incentive programs on these L1s...L1s Battle For Liquidity Solana, Terra, Avalanche and Fantom have all seen a surge in TVL over the past...
3 Min
Infrastructure
Sep 2021
Transaction Ordering Policies & Value Accrual in L2s: Timeboost, OP PGA, Fastlane, and OEV Network
As highlighted by Flashbots’ research on L2 MEV, over $3.9 Bn in atomic arbitrage volume and $400 Mn...The funds used by a prospective auction participant to place bids are deposited into this contract on L2...The auctioneer accepts bids in the first 45 seconds and may take an additional 15 seconds to resolve.
16 Min
Layer 2 / L2
Sep 2024
State Of Token Markets
N O F I S S U E R S WO N ’ T A I R D R O P 3 T H E CAC M AT H B E C O M E S I N E S CA PA B L E 4...Q4 2025 · Source: SEC EDGAR 13F filings WHO LEFT WHO Arrived Brevan Howard −27% Morgan Stanley 4...Two years post-launch, the data sorts them accordingly. oinecko. n 4 tokens with launch dates 202000.
Other
Jun 2026
The Year Ahead for Infra 2025
There are 4 ETFs now on the table for Solana with the final decision date in August 2025....Ethereum L1 hasn’t increased block gas limits since 4 years ago....Kakarot zkEVM will be generating proofs for L2s and EVM chains and is working on generating sub 4 second...Similar observation confirms that building a GPU supply reduces costs by 4-10x.
128 Min
Infrastructure
Dec 2024
Lido's Treasury Diversification and Aave L2 Governance
Tinkernet wins the 43rd Kusama Parachain auction – bringing IP DAOs and a suite of other DAO tooling...Nexus Mutual considers withdrawing 50k wNXM from Bancor at a 40%-50% loss, KeeperDAO considers the same...
9 Min
DAO
Jul 2022
L1 Recovery, Gearbox Strategic Raise, Searching for Market Bottoms
Chart of The Day: Avalanche and Cosmos Lead L1 Recovery The crypto markets experienced a tumultuous...This, of course, had a knock-on effect on the rest of the market, including other L1s....Over the past ten days, AVAX and ATOM have grown 30% and 28%, respectively, peaking at over 40% growth...
7 Min
Layer 1 / L1
Jun 2022
zkVerify: The Missing Layer in The Modular Era
There are now over 43M unique users across ZK protocols, with cumulative addresses surpassing 178M by...To alleviate costs, Worldcoin launched an L2 based on Optimism’s OP stack....The reduced verification costs for L2 on L1 result in lower transaction fees for L2 users.
15 Min
Infrastructure
Aug 2025
L2s Lead Gas Surge, LendFlare Yields, & Maple's Loan Growth
...data to L1s....This allows L2s to inherit the security of the L1 it settles on....For more detail, read our Delphi Pro report about L1s vs L2s....claimed instantly 15% to permanently bootstrap Uniswap liquidity 3% for the team, vested over two years 4%...(ERC-4626) is final.
5 Min
DeFi
Apr 2022
Initia: Fulfilling The Appchain Vision
A fast confirmation layer with Single Slot Finality: Low-latency confirmations between L1 and L2s....It’s built with these key parts: Initia (L1): The settlement layer for L2s, provides security and a..., the L2 INIT → L1 INIT transfer happens via Minitswap, working like a standard IBC transfer.
31 Min
Layer 1 / L1
Feb 2025
L1 Recovery, AVAX Activity, & Intro to Crypto Raiders
Chart of The Day: Near Leads L1 Recovery NEAR led the L1 recovery by growing by ~50% over the past...With LFG putting buy pressure on BTC, it has outperformed multiple other L1s like CRO, AVAX, BNB, and...Chart of The Day: Near Leads L1 Recovery NEAR led the L1 recovery by growing by ~50% over the past […...
5 Min
Infrastructure
Mar 2022
EVM Wars: Between Giga Gas and Giga Gimmicks
But now we have a lineup of several EVM L1s and L2s that are breaking past 10,000 (Theoretical TPS) and...Many EVM-based L1s and L2s are now aiming for giga-scale gas throughput....We have 4 rollups taking up over 85% of the blob space....For 2025 we need Fusaka on L1 with PeerDAS, ideally with 48/72 blob target/limit Let’s aim to get a Fusaka...
13 Min
Layer 1 / L1
Mar 2025
ENS Soars, Whirlpool Farms, & Valuing L1s
Most L1s already have the significant majority of their supply staked (ETH is currently the outlier for...
5 Min
Layer 1 / L1
Apr 2022
L1s Underperform, DebtDAO, & Web3 Goes to Washington
Chart of The Day: Some L1s Win, Some L1s Lose Since the BTC bottom around Jan. 24th, most L1s have...With BTC recovering recently, most L1 tokens are still underwater even as BTC approaches +20% from its...Surprisingly enough, AVAX seems to move with a higher correlation to BTC relative to other L1s.
6 Min
Layer 1 / L1
Mar 2022
ZKsync & The Elastic Network Endgame
For instance, L2 scaling solutions now boast a total TVL of $49.23B, with the vast majority spread across...Both allocations are subject to a 4 year unlock period (June 2024 – June 2028) with a one year cliff....of batches (L2 > L1 communication). ...phase 3 and lead to the full integration of new trusted provers into the proving network (phase 4). ...
39 Min
Infrastructure
Jan 2025
Solana the Modular
...uses custom bare metal validators co-located near users with composable Ephemeral rollups to achieve 4-...This design removes consensus, gossip, and other unnecessary components, enabling low latencies of 4-...With ultra-low latencies of 4-10ms, applications that were previously impossible become feasible, such...
50 Min
Layer 2 / L2
Aug 2024