The total value lock (TVL) on the Ethereum Layer 2 (L2) network has soared to a new peak as gas costs continue to rise steadily, driving further adoption.
Layer 2 analysis platform L2beat According to the current report, the total value locked across various L2 protocols and networks has reached a record high of US$5.64 billion.
L2 scaling solutions provide higher transaction throughput and lower transaction fees, and their adoption rate surged in November, which is the highest average gas fee in the history of the Ethereum network.
Hit the new ATH $ ETH Locked on layer 2
-Evan Van Ness (@evan_van_ness) November 22, 2021
Arbitrum has the largest share of the L2 market, locked in 2.67 billion US dollars, accounting for about 45% of the total.
dYdX’s decentralized derivatives exchange ranks second with a TVL of USD 975 million, and Loopring L2 DEX ranks third with USD 580 million, but its own LRC token accounts for most of its locked value.
Since the beginning of October, the second-tier TVL has more than doubled from US$2.68 billion to the current level, an increase of 110%.
related: Binance opens the second tier of ETH deposits through Arbitrum One integration
According to data from Bitinfocharts, the current average transaction fee for Ethereum is about $40. They soared to around $65 on November 9th, the second highest ever, and have risen 700% in the past four months.
Gas prices vary by operation. At present, a simple ERC-20 token transfer may cost approximately US$45, while a more complex smart contract interaction or Uniswap exchange may cost US$140. Ethernet scanner.
Although the actual domain name only costs a few dollars a year, registering a name on the Ethereum name service can cost hundreds of dollars in gasoline.
Since October, multi-chain compatible DeFi platforms have seen Record the inflow of funds when investors and developers try to avoid the Ethereum network Because of the soaring gasoline bills.
