L2s are a new and exciting technology that is redefining the way we use blockchains, especially for those of us in Africa. They offer a number of advantages over traditional L1s, including faster transaction speeds and lower fees. As a result, they are quickly becoming the preferred choice for developers and users alike. Some of the applications you can explore on L2s include Defi, Gamefi, Socialfi, gamblefi and much more.

Blockchain and cryptocurrencies have plugged Africans into a global financial system. Thanks to decentralized technology, individuals can send money within Africa and across the globe, store and save in less inflationary currencies, and even build wealth by participating in a myriad of crypto-economic activities such as Defi, trading, and operating crypto businesses. While crypto has unlocked a huge potential for financial inclusion and economic empowerment for Africans, technological and economic limitations of Layer 1 blockchains threaten this utopia. Since its inception, 3 major problems that have threatened the adoption and usage of crypto by many people, especially those in Africa are High cost of transaction(Gas fees), Scalability(Limited capacity to process many transactions), and privacy. For many Africans, the high cost of transactions is a major barrier. Fortunately, this has been a problem that crypto builders have worked on for several years, and there’s great news. The days of high-cost of transactions are almost behind us. And it’s thanks to Layer 2s. Heck, you can even call them rescue chains. Read on and you will understand why! 

Article by ThinkDecade | Reviewer Abidemi

In the diverse landscapes of Africa, from bustling Nigerian cities to remote Kenyan villages, countless entrepreneurs teem with innovative ideas, yet they often find their ambitions halted by a lack of necessary funds. This is where Goldfinch steps in. This pioneering lending protocol serves as a transformative force, providing an inclusive, expedient, and cost-effective financing solution for entrepreneurs who have traditionally been overlooked by conventional banking systems. By using blockchain technology, Goldfinch is offering a lifeline to these businesses, breathing life into dreams and driving economic growth within these communities.

Blocscribe is the official publication arm of Bankless Africa offering high-quality insights into how Africans can harness blockchain technology to build wealth and take back control of their finances, governance, and society. In the past couple of years, the state of crypto adoption in Africa has continuously skyrocketed with Africa currently ranking 11th on the global crypto adoption index. While this is great, many Africans seem to be missing out on the more diverse, valuable, and impactful sectors within blockchain technology.