The Whole Worth Locked (TVL) in Ethereum Layer Two (L2) networks has risen to a brand new excessive as gasoline charges proceed to rise and adoption continues.

Layer 2 analytics platform L2beat is at present reporting that the whole worth of the worth locked throughout numerous L2 protocols and networks has reached an all-time excessive of $ 5.64 billion.

L2 scaling options supply a lot greater transaction throughput and decrease transaction charges, they usually adopted the very best common gasoline charges within the historical past of the Ethereum community in November.

Meet new ATHs in $ ETH which are locked in shift 2

– Evan Van Ness (@evan_van_ness) November 22, 2021

Arbitrum has the lion’s share of the L2 market at $ 2.67 billion, or about 45% of the whole.

The decentralized derivatives trade dYdX ranks second at $ 975 million in TVL, and Loopring L2 DEX ranks third at $ 580 million, however their very own LRC token makes up most of their blocked worth.

Layer 2 TVL has greater than doubled since early October, rising 110% from $ 2.68 billion to present ranges.

Associated: Binance opens Layer 2 ETH custody accounts with Arbitrum One integration

Based on Bitinfocharts, the typical transaction charges for Ethereum are at present round $ 40. They hit their second-highest ever excessive of round $ 65 on November 9 and are up 700% previously 4 months.

Fuel costs range by operation, a easy ERC-20 token switch can at present price round $ 45, and a extra advanced sensible contract interplay or uniswap swap can price a painful $ 140, in accordance with Etherscan.

Registering a reputation with the Ethereum Title Service can price a whole lot of {dollars} in gasoline, though the precise area identify prices only some {dollars} a 12 months.

Multichain-compatible DeFi platforms have seen document inflows since October as buyers and builders tried to bypass the Ethereum community as a consequence of rising gasoline charges.


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