原文标题：Layer-1 Landscape
原文作者:Matías Andrade,Tanay Ved
原文来源：Substack
Compiler: Lynn, Mars Finance
Gist:
- The innovation happening on Layer-1 platforms is heating up, and the changes that come with it require us to use data to compare and contrast the different features and trade-offs offered by these different L1s.
- Bitcoin is evolving from a private chain that primarily acts as a settlement layer to a more versatile platform, leveraging the security of its Layer 2 features, transitioning to a more versatile platform.
- With the recent Dencun upgrade, Ethereum is moving towards a modular blockchain architecture, utilizing specialized layers to implement its functionality, highlighting the differences between monolithic and modular networks.
introduce
As the old paradigm is abandoned and new horizons are realized, innovation in the digital asset space seems to be heating up again. Bitcoin is evolving from a private chain whose primary purpose is to act as a settlement layer for transactions, to a more versatile platform that leverages its extraordinary security to serve Layer 2 functionality. Similarly, with the recent Dencun upgrade, Ethereum is moving towards a modular blockchain architecture with specialized layers to handle its functionality. We've also seen the birth of new layer-1 blockchains like Aptos, which leverages different virtual machines, as well as other blockchains like Monad, to bring parallel execution capabilities to the EVM.
In this edition of The State of the Network in Coin Metrics, we explore the diverse landscape of layer-1 blockchain networks and understand their impact on the broader crypto ecosystem.
What makes up Layer–1?
In the crypto ecosystem, Layer-1 (or L1) is the base layer or underlying blockchain network on which other layers and applications are built. L1 blockchain networks are independent, decentralized ledgers that operate independently and establish their own consensus, transaction validation, and data storage rules. These networks act as infrastructure and provide the essential functionality needed to develop and deploy decentralized applications (dApps) and other blockchain-based solutions. A number of first tiers have emerged in past cycles, each gaining varying degrees of attractiveness and maturity.
来源：Coin Metrics Network Data Pro
Types of Layer 1 blockchains
While all L1 networks share the essential characteristics of decentralization and securing their respective ecosystems, they can be broadly divided into two types: private networks and universal platforms.
Professional Networking: These L1s are primarily designed to facilitate secure peer-to-peer transactions and serve as a robust settlement layer. Examples include Bitcoin, Litecoin, and Dogecoin. While they may not directly support complex smart contracts or decentralized applications, their primary purpose is to leverage strong security guarantees and decentralization to provide reliable and trustless value transfers, even through protocols like Omni or in L2 or rollups built on top.
Universal platforms: These L1s are designed to be programmable platforms that can support a wide range of decentralized applications and smart contracts. Examples include Ethereum, Tron, Solana, Avalanche, and more. These networks often prioritize features such as programmability, scalability, and interoperability to support the development and deployment of a variety of decentralized solutions, including decentralized exchanges, lending protocols as part of DeFi, and more. Layer-1 can be further categorized or methods of core blockchain functionality based on their architectural differences, including execution, consensus, and settlement.
来源：Celestia 文档
Monolithic: This includes L1s, such as Bitcoin and Solana, which handle the execution and settlement of transactions and the maintenance of consensus within a single layer.
Modularity: This includes L1s like Avalanche, Cosmos, and more recently Ethereum, as well as their aggregation-centric roadmaps. Modular blockchains divide these functions into different specialized layers. While these categories provide high-level generalizations, understanding the nuances and trade-offs between these L1 network categories is critical to understanding the broader dynamics and potential of decentralized ecosystems as they evolve. To gain a deeper understanding of Layer-1, we'll be data-driven to understand how these networks span different approaches and provide innovative solutions to the fundamental problems posed by decentralized networks.
Network performance
The performance of an L1 blockchain can be affected by a variety of technical factors, such as the consensus mechanism, block size (the amount of data that can fit in a block), and block time (the time it takes to add a new block to the blockchain), to name a few. These factors can directly affect the transaction speed and network throughput of L1, which in turn affects the user experience of the blockchain. Due to L1's unique design choices and architectural trade-offs, these metrics cannot be used as direct comparisons, but rather as a means to understand their technical differences.
Source: Coin Metrics Network Data ProAs shown by Solana (about 0.4 seconds) and Avalanche C-chains (2 seconds), the average block time is shorter, allowing for faster execution of incoming transactions. This is especially beneficial for high-frequency trading, such as financial transactions on applications such as decentralized exchanges (DEXs), microtransactions, or game-related interactions where speed is critical. In addition, AVAX-C and Ethereum also have constant block times, which makes the distribution around the average very tight (some outliers come from missed blocks). On the other hand, Bitcoin and Litecoin have a longer average block time (about 10 minutes for Bitcoin and 2.5 minutes for Litecoin), which makes network security a priority over transaction speed.
资料来源：Coin Metrics 公式生成器
The same relationship can be understood as a trade-off between the ease of participating in the consensus process and the performance of the underlying network. This is evident when we consider the size of the blockchain as a function of the size of new blocks and the rate at which they are created. Blockchains with longer block times and "smaller" blocks, such as Bitcoin, are more likely to synchronize as independent node operators. Compared to Ethereum, the requirements are higher, as the network performance requirements for faster block inclusion add up to larger download sizes and require higher-performance computers and network infrastructure to maintain comparable oversight of the network.
Cost & Economy
The main product of the Layer 1 blockchain is the block space. Users and applications access this valuable resource by paying a fee, usually in the network's native token, which is ETH on Ethereum. These transaction fees serve two important purposes: first, they suppress web spam, and second, they serve as a subsidy or compensation for the miners/validators responsible for building blocks. However, the specific structure of the fee market for different L1s may vary. While some blockchains, such as Ethereum, employ an auction-based model, where users bid on block space, others such as Solana use a more static fee structure based on the size of the data and the computation required. These changes in fee structure mean that L1s react differently to changes in demand, impacting the user experience of transactions on the blockchain.
资料来源：Coin Metrics 公式生成器
Solana's transaction fees are the lowest among the L1s shown in the chart above. Although the average fee has recently risen to around $0.059 due to increased congestion, its low fees make it one of the cheapest blockchains to transact. The Avalanche X Chain, which is responsible for AVAX transfers, and the Avalanche C Chain, where the smart contract is located, also have relatively low fees. Avalanche's fee mechanism is similar to Ethereum's EIP-1559, with dynamic base fees and priority fees that fluctuate based on the utilization of block space.
On the other hand, users on Ethereum had been struggling with high transaction fees prior to the Dencun upgrade, which introduced an adjacent fee mechanism to price the use of blobspaces. Although the average fee for Ethereum L1 is still relatively high (about $3), the fees for Ethereum Layer-2 solutions are practically cost-free. The average fee for Bitcoin is usually between $1 and $4. However, on the day of the fourth halving, the average fee spiked to $124 due to a surge in demand for the newly released "Runes" protocol in the same block as the halving event.
Adoption and use of indicators
With a high level of technical capabilities and fee structures for the various L1s, we can delve into how they compare in terms of adoption and usage metrics. Bitcoin and Ethereum L1 have relatively flat active addresses (the number of active unique addresses in the network) at around 800K and 600K, respectively. Because of the presence of externally owned accounts (EOAs) and program-derived accounts (PDAs) on Solana, the active address count can be misleading. However, standalone wallets on Solana rose to 1.2 million in March and then gradually decreased to around 900,000. Other L1s such as Avalanche and Cardano also saw spikes but failed to sustain high levels of activity.
Source: Coin Metrics Formula BuilderAs stablecoins begin to proliferate in various L1s, the value transferred in each stablecoin provides an important proxy for its use on these blockchains. Tether (USDT) has maintained a strong footing on Tron due to its low fees and preference for emerging markets, with an adjusted transfer value of $14B and a median transfer value of $312 USD.
资料来源：Coin Metrics 公式生成器
This is followed by USDC and USDT on Ethereum, which currently show a transfer value of around $6B and a median transfer of around $800 and $1000, respectively. With the re-emergence of the Solana ecosystem, USDC has also gained traction on the blockchain, with an adjusted transfer value of $3B. Due to the low fees, stablecoins on Solana have the lowest median transfer value at $20 USDC and $75 USDT.
Adoption and usage metrics provide insight into the attractiveness of different L1 networks. The number of active addresses for Bitcoin and Ethereum L1 has remained relatively stable, while the number of unique wallets for Solana has grown. Stablecoins such as Tether (USDT) and USDC have gained significant traction on various L1s, with Tron leading the way in the use of USDT due to its low fees and appeal to emerging markets.
conclusion
The landscape of Layer 1 blockchain networks has a significant impact on the broader crypto ecosystem. As we have seen, L1 networks can be classified according to their specialization (transaction settlement vs. common platform) and their architectural approach (monolithic vs. modular). These differences lead to changes in network performance, fee structure, and adoption metrics.
As the crypto ecosystem continues to evolve, understanding the nuances and trade-offs between different L1 networks is critical to understanding the broader dynamics and potential of the decentralized ecosystem. The emergence of new L1s and the evolution of existing networks highlight the continued innovation and competition in the space, ultimately benefiting users and driving the growth of the decentralized economy.
Check out our Layer-1 Dashboard, which shows multiple metrics in an L1 environment.
Network Data Insights
Summarize the main points
来源：Coin Metrics Network Data Pro
After the Bitcoin network halving, we saw an increase in speculation surrounding ordinal numbers and runes minted shortly thereafter, which led to a rapid increase in fees paid to miners, with block 840,000 worth around $2.5 million in block rewards and fees.
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