Zora starts its own tier 2Chain

Zora starts its own tier 2Chain

Zora announced the debut of Zora Network, a new layer 2 blockchain solution
June 21, 2023

Zora, as an Ethereum-based platform for the creation and trading of NFTs (non-fungible tokens), faces challenges common to many Ethereum-based projects, including high gas fees and network congestion. If Zora were to announce a move to a Layer 2 solution, this would likely be aimed at addressing these challenges.

This Layer 2 solution, the Zora Network, could potentially take the form of a sidechain or rollup. It would aim to handle most transactions off the main Ethereum chain, thus reducing congestion and fees. The Layer 2 solution would still secure its transactions via the Ethereum mainnet, but by handling most transactions off-chain, it could significantly improve scalability and cost-effectiveness.

The launch of a Layer 2 network could have various implications for Zora. For users of the platform, it might mean faster transaction times and lower costs for minting and trading NFTs. For the broader Ethereum ecosystem, it could represent another important step toward scalability.

Zora Launches Its Own Layer 2 Chain: Zora Network

According to NFT Now website's news on 21/06/2023, the NFT marketplace Zora announced the debut of Zora Network, a new layer 2 blockchain solution aimed at providing better digital infrastructure to artists and businesses who have previously used their platform. The network, which is sponsored by over 35 Web3 companies, including Sound.XYZ, Rainbow Wallet, and PleasrDAO, will be able to better serve Zora's 100,000 monthly active users by unlocking structural advantages and assuring the platform's ability to scale properly.

A layer 2 solution is a secondary protocol constructed on top of an existing blockchain with the goal of increasing the speed, efficiency, and scalability of the underlying chain (layer 1). Layer 2 chains minimize the workload that the layer 1 chain would otherwise have to perform and can boost speed and reduce transaction costs by processing jobs that the latter would otherwise have to process. Arbitrum is one of the most well-known layer 2 solutions for the Ethereum network.

Scalability and security are being improved.

Zora Network, built on the Optimism stack, will be a more gas-efficient L2 network secured by Ethereum. According to the company, the integration of Zora Network with the existing infrastructure of the Zora marketplace will be smooth.

"Zora Network is designed to minimize costs for creators, making Zora a place where onchain media and culture can thrive," the business explained in an email to NFT Now.

Layer 2 solutions combine many transactions into a single layer 1 transaction, which allows them to lower data processing demands. They resolve transactions on the mainnet to maintain the security benefits of the layer 1 on which the secondary chain is based. Reducing costs and allowing more transactions can be extremely beneficial to platforms that use layer 2 chains, as they free up space to expand the reach of online apps and generally improve user experience.

Zora issued an open-edition NFT called Energy to mark the event, which fans can mint for the next 17 days.

Disclaimer. NFT Mint Radar does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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