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What exactly is a Layer 2 (L2) scaling solution in the context of blockchain technology? How does it function to enhance transaction speed and efficiency on existing networks? Additionally, what are some examples of popular L2 solutions currently in use, and what benefits do they offer over traditional Layer 1 protocols?

What is 'L2 (Layer 2 scaling solution)'?

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What is 'L2 (Layer 2 scaling solution)'?

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