2023 CMC Crypto Playbook: Layer-1s — What has happened and where are we headed? By Binance Research

Considering the standards of 2022 and all that has happened in the crypto space, layer 1 (“L1s”) can still be said to have had a very interesting and eventful year. Many notable events have taken place in the L1 space over 2022. From Ethereum’s transition from proof-of-work to proof-of-stake in September, to the implosion of the Terra ecosystem in May. New layer 1 were announced, with Aptos launching its mainnet and Sui expected early to do so next year. Notable incumbent, BNB Chain and leading layer-2 (“L2”) solution, Polygon, gained market share in the vacuum left by Terra, while Solana