Definition ∞ A Smart Contract L1 refers to a Layer 1 blockchain protocol that natively supports the execution of smart contracts. These foundational networks provide the core infrastructure for decentralized applications. They handle transaction validation, consensus, and data storage directly on their main chain.
Context ∞ Smart Contract L1 blockchains serve as the base layer for a vast array of decentralized finance and web3 applications. Key challenges involve scalability, transaction costs, and network congestion, leading to the development of Layer 2 solutions. Competition among different L1 protocols drives continuous innovation in consensus mechanisms and execution environments.
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