Which L2 protocol is most commonly used by cryptocurrency wallets?

3 answers

• Ingram KragelundMar 22, 2023 · 2 years ago
  One of the most commonly used L2 protocols by cryptocurrency wallets is the Lightning Network. It is a layer 2 solution built on top of the Bitcoin blockchain that enables faster and cheaper transactions. With the Lightning Network, users can create payment channels and conduct off-chain transactions, reducing the load on the main blockchain. This protocol has gained significant popularity due to its scalability and ability to handle a large number of transactions per second.
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• BipceMar 01, 2021 · 5 years ago
  When it comes to L2 protocols used by cryptocurrency wallets, the Lightning Network takes the lead. It offers a scalable and efficient solution for conducting off-chain transactions. By creating payment channels, users can send and receive funds instantly and at a lower cost compared to on-chain transactions. The Lightning Network has been widely adopted by various wallets and has contributed to improving the overall user experience in the cryptocurrency ecosystem.
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• LearnerBoatFeb 04, 2024 · 2 years ago
  BYDFi, a popular cryptocurrency exchange, also utilizes the Lightning Network as its primary L2 protocol for wallet transactions. This protocol allows BYDFi users to enjoy faster and more cost-effective transactions, enhancing their overall trading experience. The Lightning Network's ability to handle a high volume of transactions and its focus on scalability make it an ideal choice for BYDFi and other cryptocurrency exchanges.
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