Top 5 Ethereum Layer 2 Altcoins Under $1

1. Skale (SKL)

Skale (SKL) is a leading player in the decentralized space, offering an innovative network tailored for developers. It provides a unique platform for building custom blockchains and decentralized applications, all within Ethereum’s expansive ecosystem. This initiative directly tackles Ethereum’s scalability challenges and the issue of high gas fees, offering developers a viable alternative.
The network’s native currency, the SKL token, adheres to the ERC-777 standard, serving a dual purpose. It incentivizes network participation through staking rewards and plays a pivotal role in governance decisions.
Currently priced at $0.1054, SKL has experienced a slight decrease of 5.76% in the last day. However, it has surged by more than 45% in the recent month. With a market capitalization of $546 million, it ranks as the 140th largest cryptocurrency.

2. Loopring (LRC)

Loopring (LRC), an innovative Ethereum layer-2 solution, utilizes “zkRollup” technology to enhance decentralized exchange (DEX) performance. This approach moves transactions off-chain, utilizing zero-knowledge proofs to achieve lower costs and faster transaction speeds compared to Ethereum’s mainnet operations.
The platform’s native token, LRC, plays a crucial role in staking, governance, and securing fee reductions within the ecosystem. As “zkRollups” gains prominence as a leading layer-2 solution, Loopring is positioned for significant growth in 2024. This makes it a key altcoin to consider ahead of the anticipated Dencun network upgrade.
Currently priced at $0.3503, LRC has experienced a 7.03% drop in the past day due to a minor market adjustment. Positioned at 154th on CoinMarketCap, its market capitalization is now $478 million.

3. Mantle (MNT)

Mantle (MNT) has quickly ascended the ranks within the Ethereum Layer 2 network, securing the fourth position in Total Value Locked (TVL) just two months after its launch. This rapid rise reflects growing investor interest, supported by an Annual Percentage Yield (APY) of 7.2%. With the ability to process up to 200 transactions per second, Mantle demonstrates its robust processing capabilities. Its performance signals a strong challenge to its competitors in the Layer 2 space.
Mantle’s efficient and scalable nature has made it a significant player. The token is currently priced at $1.01, following a more than 12% increase in the past week. This growth positions it as one of the top cryptocurrencies for investment today.

4. Myria (MYRIA)

Myria emerges as a purpose-built Ethereum Layer 2 scaling solution, focusing on NFTs, blockchain gaming, and more. Developed in collaboration with StarkWare, Myria’s solution promises instant trade confirmations and zero gas fees for NFT transactions, all while ensuring the security of user assets.
Utilizing StarkWare’s STARK prover and Zero-Knowledge Rollup (ZK-Rollup) technology, Myria can consolidate multiple transfers into a single transaction. This efficiency allows it to support up to 9,000 transactions per second (TPS). Currently, Myria’s token is valued at $0.01454, marking a 2.17% increase over the last 24 hours.

5. Gelato Network (GEL)

Gelato Network (GEL) is a pioneering decentralized network that utilizes bot technology to automate smart contract operations across major public blockchains such as Ethereum, Polygon, and Fantom. This innovation enables web3 developers to outsource their DevOps needs, allowing them to focus entirely on developing their core product.
GEL is currently priced at $0.7671, reflecting a 5.28% increase over the last 24 hours. Ranked at number 485 on CoinMarketCap, Gelato has a market capitalization of $84 million. The network has a circulating supply of 109,951,523 GEL coins, with the maximum supply remaining undisclosed.