According to data from analytics platform L2BEAT, there has never been more value locked in Ethereum’s layer-2 scaling solutions.
With increasing gas fees driving the adoption of networks such as Arbitrum, Optimism, and Loopring, layer-2 TVL increased by more than 44% in less than a month.
Users pour their money into L2s as Ethereum fees skyrocket
With the average transaction fee on Ethereum inching dangerously close to its all-time high, the network has become increasingly unattainable for the average user.
And while the price of transactions has managed to consolidate around $36, data from BitInfoCharts showed that the average transaction fee on Ethereum cost over $62 at the beginning of November.
Graph showing the average transaction fee on Ethereum from January 2021 to November 2021 (Source: BitInfoCharts)
This has pushed a record number of users to the network’s Layer 2 solutions, which offer drastically lower fees and much faster transaction finality.
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