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About Layer 2
Layer 2 is a collective term for solutions designed to help scale your application by handling transactions off the Ethereum mainnet (layer 1), while taking advantage of the robust decentralized security model of mainnet. Transaction speed suffers when the network is busy. And as the network gets busier, gas prices increase as transaction senders aim to outbid each other. This can make using Ethereum very expensive.
Layer 2 solutions include rollups. Rollups perform transaction execution outside the main Ethereum chain (layer 1), but post transaction data on layer 1. Rollups proponents argue that moving a large amount of data offchain will improve gas fees and transaction speeds exponentially.
Read more about Layer 2 at Ethereum.org