10 months ago
The full worth locked (TVL) connected Ethereum layer-2 networks precocious deed a caller all-time precocious successful January, a testament to the continued adoption of Ethereum. Layer 2 networks beryllium connected apical of the Ethereum blockchain and assistance standard it by processing transactions off-chain earlier sending information backmost to the main blockchain.
According to information from L2BEAT, a layer-2 analytics platform, the TVL connected these scaling solutions precocious reached an all-time precocious of $21.16 billion, representing a 340% maturation from the aforesaid time past year.
Ethereum Layer-2 Networks Hit New Milestone
2023 was a large twelvemonth for Ethereum, arsenic the altcoin and its scaling solutions registered a dependable summation successful TVL contempt strong competition from different networks similar Solana and Cardano. Data from L2Beat shows the TVL connected these scaling solutions started successful 2023 with $4.81 cardinal but grew steadily passim to extremity the twelvemonth astatine $19.98 cardinal dollars, a 315% growth.
This maturation was peculiarly exacerbated successful the past 4th of 2023 and continued into 2024. The TVL grew by $1.18 cardinal successful the archetypal 3 days of January to scope $21.16 connected January 3, its existent all-time high.
At the clip of writing, the TVL is present astatine $20.41 billion, inactive up by 3.82% successful the past 7 days. A ample fraction of this layer-2 TVL tin beryllium attributed to Arbitrum One, with the scaling solution presently having $10.05 cardinal worthy of cryptocurrencies locked.
OP Mainnet, formerly called Optimism, is 2nd with a existent TVL of $5.84 billion. 57% of this TVL is composed of OP tokens, compared to Arbitrum One, whose ARB token constitutes lone 36% of the TVL.
State Of The ETH Network
This monolithic maturation shows that Ethereum users are flocking to furniture 2 networks to flight precocious state fees and congestion connected the mainnet. Ethereum’s TVL besides witnessed dependable maturation passim the year, adding $7.6 cardinal successful the past 4th of 2023. Data from DeFiLlama shows the TVL connected Ethereum is present astatine $28.532 billion.
However, Ethereum has seen its regular progressive addresses and transaction number plunge successful the past fewer months. Data from Artemis revealed the web is presently being surpassed by Solana and Sui successful presumption of regular transaction count. Recent contention from Solana prompted an expert to describe Ethereum arsenic digging its ain sedate by relying excessively overmuch connected its layer-2 networks for scalability.
Some layer-2 chains are besides presently processing much transactions than Ethereum itself. L2BEAT puts the monthly transactions connected zkSync Era and Arbitrum at 39.91 cardinal and 35.54 cardinal respectively, up of Ethereum’s number of 33.91 cardinal transactions.
Featured representation from Yahoo Finance, illustration from Tradingview.com
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