Layer 1 (L1) Crypto Narrative

Layer 1 (L1) cryptocurrencies are foundational blockchains, such as Bitcoin and Ethereum, that operate independently and handle all transaction processing and consensus mechanisms directly on their own network. They aim to provide security, decentralization, and scalability, often acting as the base layer for other applications and protocols. Unique aspects include native tokens and the ability to support smart contracts, making them essential for broader blockchain ecosystems.