Introduction Over the past two years, there has been an explosion of new smart-contract-enabled distributed ledgers which aim to address the perceived shortcomings of Bitcoin and Ethereum. These “alt layer 1s,” or “alt L1s,” as they’re commonly referred to, typically offer new architectures and make different design trade-offs to increase the scalability and usability of distributed ledgers. A number of these alt layer 1s, such as Solana and Avalanche, have garnered much attention for their growing user bases, expanding ecosystems, and (mostly) high-quality user experiences. …
