Layer 2 Blockchain Surge: Major Developments This Week
Deutsche Bank Develops Layer-2 Blockchain on Ethereum for Compliance
Deutsche Bank is developing a layer-2 blockchain on Ethereum utilizing ZKsync technology to tackle compliance challenges in regulated finance. This initiative, part of Project Dama 2, aims to enhance transaction efficiency and ensure regulatory safeguards while integrating directly with the Ethereum network. Under Project Guardian, which involves 24 financial institutions exploring blockchain asset tokenization, Deutsche Bank's solution will establish trusted validators and provide regulators with oversight capabilities. The bank plans to launch a minimum viable product by 2025, pending regulatory approval. Additionally, Deutsche Bank recently partnered with Crypto.com to enhance corporate banking services in the Asia-Pacific region.
ENS Develops Layer 2 Solution Namechain Using Linea's zkEVM Technology
The Ethereum Name Service (ENS) has partnered with Linea to launch Namechain, a Layer 2 network designed to enhance scalability and efficiency as part of the ENSv2 upgrade. Utilizing Linea’s advanced zkEVM technology, Namechain will transition primary .eth domain activities, such as registrations and renewals, to Layer 2 while maintaining name resolution on Ethereum’s Layer 1. This shift promises improved transaction throughput and reduced costs. Linea's technology also ensures compatibility with existing Ethereum smart contracts and supports various execution clients, enhancing the ENS ecosystem with decentralized identity solutions that are more flexible and accessible for users.
HashKey Group Launches Ethereum Layer-2 Mainnet, HashKey Chain
HashKey Group officially launched its Ethereum layer-2 mainnet, HashKey Chain, on December 18, following a successful testnet period where 50 projects were deployed, over 860,000 wallet addresses were registered, and 24.72 million transactions were recorded. The mainnet achieved a laboratory test performance of 400 transactions per second (TPS) and low gas fees of 0.1 gwei. On launch day, HashKey Chain processed 43,300 transactions with a TPS of 0.5 and a gas fee around 0.001 gwei. This launch coincides with significant regulatory developments in Hong Kong aimed at enhancing the cryptocurrency landscape.
Kraken's Ink Layer 2 Achieves Over 1 Million Transactions Since Launch
Kraken, a prominent cryptocurrency exchange, recently launched its Ethereum-based Layer 2 solution, Ink, which has quickly accumulated over 1 million transactions since its soft launch. Built using Optimism's OP Stack to become part of the Optimism Superchain, Ink aims to facilitate access to decentralized finance (DeFi) while maintaining security akin to Layer 1 chains. The motivation behind Ink is to create a seamless bridge between centralized and decentralized crypto environments. Notably, Layer 2 solutions now hold $62.84 billion in total value locked, reflecting over a 28% increase in the past month, positioning Kraken favorably in the evolving crypto landscape.
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