Ethereum’s L1 And L2 Success: Bitcoin And Solana Race To Catch Up

Ryan Berckmans highlighted a crucial trend in the blockchain world. Bitcoin and Solana now try to imitate Ethereum’s model for scalability and decentralisation.

Bitcoin and Solana are attempting to imitate Ethereum’s model for scalability and decentralisation, according to Ryan Berckmans.

The transition is occurring as Bitcoin and Solana attempt to position themselves more like Ethereum, a pioneering blockchain project that has also adopted Layer 2 (L2) solutions within Layer 1 (L1).

An important fundamental trend now is that both Bitcoin and Solana are trying to become more like Ethereum.

Some Bitcoiners are attempting to solve its security budget crisis by coordinating a fork to adopt real L2s and a real app layer. Like Eth has already.

Solana just…

— Ryan Berckmans ryanb.eth (@ryanberckmans) November 26, 2024

Bitcoin, in particular, has significant problems in funding the cost of its security. To this end, some Bitcoin advocates have called for a hard fork to enable real L2 solutions and a more efficient application layer, something Ethereum has done well to adopt. Such changes help maintain competitiveness of the first cryptocurrency in the constantly developing sphere of blockchain solutions.

Ethereum-Inspired L2 Adoption

On the other hand, Solana has also been making efforts to make itself look more like ETH. In the past month, the blockchain platform introduced its first general-purpose L2, a major step towards improving the platform’s throughput and lowering fees.

However, Solana has still some issues with decentralization which is a big concern, Edward Snowden also mentioned that Solana’s network is too centralized. ETH, on the other hand, has a more established model of developing L2 solutions, and experts claim that Solana has been late with its attempts to diversify clients and build more efficient L2 solutions for years.

Growing Impact of Ethereum’s Model

In the view of Berckmans, this increasing trend toward Ethereum’s approach is success. Through having a highly decentralized L1 and a range of L2 solutions, ETH has emerged as the leading player in the world of blockchains and cryptocurrencies. According to Berckmans, “L1+L2s are eating the economic world,” meaning that this model is now the most important for the further development and popularization in the blockchain field.

Bitcoin and Solana’s efforts to mimic Ethereum’s strategy may not be soon. However, the big question is how long before the market realizes that while both emulate ETH, they are a long way from emulating the success that ETH has achieved. The war to decentralize and scale through L1+L2 solutions in the blockchain space may well determine the future of these leading platforms.