{"id":145440,"date":"2021-11-22T18:47:52","date_gmt":"2021-11-22T18:47:52","guid":{"rendered":"https:\/\/precoinnews.com\/?p=145440"},"modified":"2021-11-22T18:47:52","modified_gmt":"2021-11-22T18:47:52","slug":"ethereum-layer-2-networks-seeing-massive-adoption-tvl-surpasses-6-billion","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/ethereum\/ethereum-layer-2-networks-seeing-massive-adoption-tvl-surpasses-6-billion\/","title":{"rendered":"Ethereum Layer-2 Networks Seeing Massive Adoption, TVL Surpasses $6 Billion"},"content":{"rendered":"<p><strong>The combined total value locked (TVL) in Ethereum layer-2 networks such as Arbitrum, Optimism, dYdX, and others has reached a new all-time high of $6.13 billion, according to data available on Ethereum layer two scaling analytics and research platform, L2 Beat, on November 22, 2021.<\/strong><\/p>\n<h2><span><\/span><strong>Layer-2 Platforms Gaining Traction<\/strong><span><\/span><\/h2>\n<p><span>As Ethereum transaction gas fees continue to surge, devs and decentralized finance (<\/span><span>DeFi<\/span><span>) market participants are now turning to layer-two networks in a bid to save costs, while also enjoying faster transaction confirmation.<\/span><\/p>\n<p><span>Since the Ethereum development team successfully implemented the Ethereum improvement proposal\u00a0 <\/span><span>(EIP) 1559<\/span><span> via the London hardfork last August, transaction fees on the network have been on a steady increase, reaching their second-highest ever point of around $65 on November 9.<\/span><\/p>\n<p><span>At the time of writing, a simple ERC-20 token transfer attracts a transaction fee of more than $22, while the average gas fee for token swaps on Uniswap attracts nearly $70, according to Etherscan\u2019s Ethereum <\/span><span>gas tracker<\/span><span>.<\/span><\/p>\n<h2><span><\/span><strong>Ethereum L2 Solutions TVL Surges<\/strong><span><\/span><\/h2>\n<p><span>In a bid to avoid paying exorbitant gas fees for Ethereum transactions, more and more crypto market participants are now latching onto layer-two scaling solutions and this, in turn, has significantly boosted the value of these networks.<\/span><\/p>\n<p><span>Per data available on L2 Beat, a research and analytics platform that\u2019s dedicated to Ethereum layer-2 scaling matters, the combined total value locked (TVL) in the 16 layer-2 networks under its radar has now hit $6.13 billion.<\/span><\/p>\n<p><span>Arbitrum, the L2 solution from the stables of Offchain Labs, currently leads the pack, with a TVL of $2.67 billion and a 43.67 percent Ethereum layer-2 market dominance. As <\/span><span>reported<\/span><span> by <\/span><i><span>BTCManager<\/span><\/i><span> earlier in May, Arbitrum launched its mainnet beta and opened it to developers.<\/span><\/p>\n<p><span>dYdX occupies the second position with a TVL of $975 million, Boba Network comes third ($863 million), while Loopring and Optimism occupy the fourth and fifth spots with a VL of $580 million and $461 million respectively.<\/span><\/p>\n<p><span>In related Ethereum news, a total of 975,307 (over $4,094 billion) ETH has been burned since the coming of EIP-1559, according to Ethereum fee burn tracker <\/span><span>Watch The Burn<\/span><span>. At press time, the price of ether (ETH) is hovering around $4,207, with a market cap of $498.37 billion, as seen on CoinMarketCap.<\/span><\/p>\n<h3><span><\/span>Related posts:<span><\/span><\/h3>\n<p>Source: <a href=\"https:\/\/btcmanager.com\/ethereum-layer-2-adoption-tvl-6-billion\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The combined total value locked (TVL) in<\/p>\n","protected":false},"author":3,"featured_media":145439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Layer-2 Networks Seeing Massive Adoption, TVL Surpasses $6 Billion - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/ethereum\/ethereum-layer-2-networks-seeing-massive-adoption-tvl-surpasses-6-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Layer-2 Networks Seeing Massive Adoption, TVL Surpasses $6 Billion - 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