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What is a layer 1 blockchain? The base networks crypto runs on

By SendPay Business · · 2 min read

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A layer 1 blockchain is a base network that records and settles transactions on its own, with its own coin and its own rules for agreeing which transactions are valid. Bitcoin, Ethereum and Solana are all layer 1 blockchains.

What makes a network layer 1

  • It keeps its own ledger of every transaction.
  • It has its own way for nodes to agree, such as proof of work or proof of stake.
  • It has a native coin used to pay fees, such as BTC, ETH or SOL.
  • It doesn't rely on another blockchain for final settlement.
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The trade-offs

Builders often talk about a trilemma: it is hard for one network to be fast, highly secure and widely decentralised all at once. Some layer 1s keep blocks small so more people can run nodes, while others aim for speed with fewer, more powerful machines.

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How layer 2 fits in

Layer 2 networks run on top of a layer 1, handle transactions more cheaply, and send summaries back to the base chain for settlement. The Lightning Network on Bitcoin and rollups on Ethereum are examples.

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Where SendPay fits

SendPay platforms let customers buy, sell and hold crypto, held with regulated partners, alongside GBP, EUR and USD accounts, powered by licensed partners. SendPay doesn't offer trading tools, DeFi or lending.

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What does an Ethereum transaction cost?

Work out a gas fee in ETH and in your currency.

Gas fee calculator →
What is a layer 2?

A network built on top of a blockchain to make it faster and cheaper.

Layer 2 →
What is proof of work vs proof of stake?

Two ways blockchains agree on which transactions are valid.

PoW vs PoS →
What is a blockchain?

A shared ledger that records transactions in linked blocks.

Blockchains →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.