June 21 is the NFT marketplace Zora announced the launch of Zora Network, a new layer 2 blockchain solution intended to provide enhanced digital infrastructure to the artists and brands that have used their platform in the past. The network, which is supported by more than 35 Web3 entities, including Sound.XYZ, Rainbow Wallet, and PleasrDAO, will better serve platform users. 100,000 monthly active users by unlocking structural benefits to Zora’s platform and ensuring it scales well.
In the context of blockchain technology, a layer 2 solution is a secondary protocol built on top of an existing blockchain with the goal of increasing the speed, efficiency, and scalability of the underlying chain (layer 1). While processing tasks that the layer 1 chain would otherwise have to perform, layer 2 chains reduce the workload the former has to process and can increase speed and reduce transaction costs. There are several layer 2 solutions for the Ethereum blockchain, with Arbitrum being one of the most notable.
Increasing scalability and security
Zora Network is built on Optimism’s stack and will be a more gas efficient L2 network secured by Ethereum. The company claims that the integration of Zora Network with the existing infrastructure of the Zora marketplace will be seamless.
“Zora Network is designed to minimize costs for creators, making Zora a place where onchain media and culture can thrive,” the company said in a correspondence with nft now.
Layer 2 solutions bundle several transactions into a single layer 1 transaction, which allows them to reduce the data processing load. To maintain the layer 1 securities benefits on which the secondary chain is built, they settle transactions on the mainnet. Reducing costs and enabling more transactions can be a huge benefit for platforms using layer 2 chains, as they free up space to increase the reach of online applications and generally help improve the user experience.
To commemorate the launch, Zora released an open-edition NFT titled Energy which fans can hit for the next 17 days.