Ethereum Layer 2 Networks Just Set A New Record
05 Gennaio 2024 - 5:00PM
NEWSBTC
The total value locked (TVL) on Ethereum layer-2 networks recently
hit a new all-time high in January, a testament to the continued
adoption of Ethereum. Layer 2 networks sit on top of the Ethereum
blockchain and help scale it by processing transactions off-chain
before sending data back to the main blockchain. According to
data from L2BEAT, a layer-2 analytics platform, the TVL on these
scaling solutions recently reached an all-time high of $21.16
billion, representing a 340% growth from the same day last
year. Ethereum Layer-2 Networks Hit New Milestone 2023 was a
great year for Ethereum, as the altcoin and its scaling solutions
registered a steady increase in TVL despite strong competition from
other networks like Solana and Cardano. Data from L2Beat shows the
TVL on these scaling solutions started in 2023 with $4.81 billion
but grew steadily throughout to end the year at $19.98 billion
dollars, a 315% growth. Related Reading: XRP Price Set To
Spike As Ripple Enters Another $1.5 Trillion Industry This growth
was particularly exacerbated in the last quarter of 2023 and
continued into 2024. The TVL grew by $1.18 billion in the first
three days of January to reach $21.16 on January 3, its current
all-time high. At the time of writing, the TVL is now at
$20.41 billion, still up by 3.82% in the past seven days. A large
fraction of this layer-2 TVL can be attributed to Arbitrum One,
with the scaling solution currently having $10.05 billion worth of
cryptocurrencies locked. OP Mainnet, formerly called
Optimism, is second with a current TVL of $5.84 billion. 57% of
this TVL is composed of OP tokens, compared to Arbitrum One, whose
ARB token constitutes only 36% of the TVL. ETH price holds
$2,200 | Source: ETHUSD on Tradingview.com State Of The ETH Network
This massive growth shows that Ethereum users are flocking to layer
2 networks to escape high gas fees and congestion on the mainnet.
Ethereum’s TVL also witnessed steady growth throughout the year,
adding $7.6 billion in the last quarter of 2023. Data from
DeFiLlama shows the TVL on Ethereum is now at $28.532 billion.
Related Reading: Dogecoin Volume Explodes 190% But DOGE Price
Remains Low, What’s Going On? However, Ethereum has seen its daily
active addresses and transaction count plunge in the last few
months. Data from Artemis revealed the network is currently being
surpassed by Solana and Sui in terms of daily transaction count.
Recent competition from Solana prompted an analyst to describe
Ethereum as digging its own grave by relying too much on its
layer-2 networks for scalability. Some layer-2 chains are also
currently processing more transactions than Ethereum itself. L2BEAT
puts the monthly transactions on zkSync Era and Arbitrum at 39.91
million and 35.54 million respectively, ahead of Ethereum’s count
of 33.91 million transactions. Featured image from Yahoo Finance,
chart from Tradingview.com
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