What are Layer 2’S?

Many of us want decentralised networks like Ethereum to replace centralised authorities like Visa but as of now Ethereum handles 30 transactions per second where as Visa handles 1700 transactions per second and the gas fee to make transactions is very high.But how to solve these issues? here's where layer2 Solutions like Polygon And ZKsync come into picture with 65000 transactions per second

How do they work?

As a part of Blockchain trilemma i.e only 2 of the Scalability, Security, Decentralisation exists ethereum has chosen Decentralisation and Security where as normal Web2 apps like Amazon,Google chose Security and Scalability and layer2 solutions with Scalability and Decentralisation.

Now you might end up with a question like Aren't layer2 solutions are secure? they are, but how?because transactions on layer2 solutions are backed by Ethereum security

Why one should use L2’s for Grants Round 13?

As transaction speed is higher compared to layer1 i.e Ethereum and lower gas fee one should prior to use L2’s for Grants Round 13

Now you have a clarity about layer2 but how to get funds on layer2 to make transactions?

You have 2 ways to get funds on Layer 2's

Bridging from mainnet i.e you may exchange your ETH or other stable coins for Matic or other tokens built on layer2 by using some bridges like Polygon Bridge but how this works? let's say you want to get some UNI tokens on Polygon for your Eth on Ethereum then first your ETH converts to UNI on Ethereum by swapping next this UNI on ethereum is moved to Polygon by bridging.

Screenshot 2022-02-08 at 7.51.15 PM.png

By On Ramp Payments Here there are no complications you directly buy Layer2 tokens directly by your credit/debit card many platforms like Moonpay,Ramp offer these services

Screenshot 2022-02-08 at 7.59.48 PM.png

How you get funds back to mainnet?

Similar to the previous step one lets say you need to exchange Matic on polygon for Eth on Ethereum here initially your Matic is swapped by ETH on polygon and moved to Ethereum mainnet by bridging

Screenshot 2022-02-08 at 8.02.59 PM.png

How to fund a grant with Polygon and ZKsync?

One may choose to fund with Ethereum but because of high gas fee on Ethereum I suggest to fund by Polygon or zkSync just after adding fund to your cart Polygon/zkSync checkout instead of standard checkout Note:- Some currency support only either of the platforms

Screenshot 2022-02-08 at 8.12.39 PM.png

If you like this blog just give it a like

All you need to know about Layer 2’S (Polygon And ZKsync)