In I wake up with data from the L2BEAT analytics platform, there has never been so much value locked into Ethereum’s tier 2 scaling solutions.
With rising gas rates, driving the adoption of networks like Arbitrum, Optimism and Loopring, Tier 2 TVL increased by more than 44% in less than a month.
Users pour their money into L2s as Ethereum rates skyrocket
With the average transaction rate on Ethereum perilously close to its all-time high, the network has become increasingly unattainable for the average user.
And while transaction prices managed to consolidate around $36, data from BitInfoCharts showed that the average transaction fee on Ethereum was more than $62 in early November.
This has led a record number of users to network layer 2 solutions, which offer dramatically lower rates and much faster transaction completion.
According to the platform of L2BEAT data analysis, the Total Blocked Value (TVL) in Ethereum’s Layer2 solutions reached its highest point, surpassing 1.4 million ETH. At current prices, this equates to about $6.13 billion.
to Arbitrum it accounts for the largest share of the Layer2 market, capturing just over 43% of TVL, valued at around $2.67 billion. THE dYdX it ranks second with a 15% market share worth $975 million, while the recently launched Boba Network came in third with $863 million.
The best known Loopring, Optimism and ZKSwap V2 have $580 million, $461 million and $218 million in TVL, respectively.
The data appears to support general market sentiment towards Ethereum. Even the industry’s most prominent investors have been vocal about the Ethereum rate problem, with many actively exploring engaging with their competitors, such as Avalanche.
Source: Crypto Slate