There’s over $4.2 billion locked in Ethereum layer-2 protocols

 There’s over $4.2 billion locked in Ethereum layer-2 protocols


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In keeping with information from analytics platform L2BEAT, there has by no means been extra worth locked in Ethereum’s layer-2 scaling options.

With growing gasoline charges driving the adoption of networks reminiscent of Arbitrum, Optimism, and Loopring, layer-2 TVL elevated by greater than 44% in lower than a month.

Customers pour their cash into L2s as Ethereum charges skyrocket

With the common transaction payment on Ethereum inching dangerously near its all-time excessive, the community has grow to be more and more unattainable for the common consumer.

And whereas the value of transactions has managed to consolidate round $36, information from BitInfoCharts confirmed that the common transaction payment on Ethereum value over $62 at the start of November.

ethereum average fee
Graph displaying the common transaction payment on Ethereum from January 2021 to November 2021 (Supply: BitInfoCharts)

This has pushed a report variety of customers to the community’s Layer 2 options, which supply drastically decrease charges and far quicker transaction finality.

According to information analytics platform L2BEAT, the entire worth locked (TVL) in Ethereum’s Layer2 options has reached its all-time excessive, surpassing 1.4 million ETH. At present costs, this equates to round $6.13 billion.

ethereum layer2 tvl
Graph displaying the entire worth locked (TVL) in Ethereum’s Layer2 options (Supply: L2BEAT)

Arbitrum accounts for the most important share of the Layer2 market, capturing simply over 43% of the TVL, value round $2.67 billion. dYdX ranks second with a 15% of market share value $975 million, whereas the newly launched Boba Community got here in third with $863 million.

The extra well-known Loopring, Optimism, and ZKSwap V2 have $580 million, $461 million, and $218 million in TVL, respectively.

top 10 layer 2 networks TVL
Desk displaying the highest 10 Ethereum Layer2 options by complete worth locked (TVL)  (Supply: L2BEAT)

The info appears to help the general market sentiment in direction of Ethereum. Even the trade’s most distinguished buyers have been vocal about Ethereum’s payment downside, with many actively exploring partaking with its rivals reminiscent of Avalanche.

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