Ethereum’s congestion and high cost has inspired the push toward on-chain efficiency, and it still sets the expense bar. For simplicity, we skip the gas costs of smart contract code execution and of allocating the storage and instead only consider the bare minimum cost of SSTORE operations. The network consumes 20K gas units to perform SSTORE operation on 32 bytes of data. By extension, it costs 625B gas units for 1 GB of data. With the average gas cost of 20.23 Gwei at the time of writing, that comes to 12.64375T Gwei, or 12,643.75 ETH. With ETH at $1,225.46 at the time of writing, this equals $15,494,409. Layer one crypto list Chainlink’s native coin has seen a 4,190% increase in price since its 2017 introduction, and it has the benefit of being an early mover in the smart contract arena.

If you are learning about web3, cryptocurrency, or blockchain the chances are that you have heard different projects referred to as being a layer 1 or a layer 2 project. Hearing these terms without any prior knowledge or context can be confusing. This post will explain the differences between layer one and layer two networks and provide examples of both. Qualities of Layer two networks Ethereum, hailed as the pioneer among smart contract platforms, continues to exert its influential presence through the Ethereum Virtual Machine (EVM) and a robust, flourishing ecosystem. Regarded as the second most recognized blockchain after Bitcoin, Ethereum maintains its dominance as the most decentralized Layer-1 blockchain, playing a pivotal role in the expansive list of Layer 1 crypto projects.