Ethereum Layer 2 Networks Just Set A New Record

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	29,767,171,336	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

29,767,171,336

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0091	1.69%	0.5469	0.5468	0.5469

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0091

1.69%

0.5469

0.5468

0.5469

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.571	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.571

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:52:03	9.05	0.5469	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:52:03

9.05

0.5469

USD

Price x Volume	Volume	Base Symbol	Related Pairs
43,166,253.78	78,620,474.67	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

43,166,253.78

78,620,474.67

Ethereum Layer 2 Networks Just Set A New Record

05/01/2024 4:00pm

NEWSBTC

The total value locked (TVL) on Ethereum layer-2 networks recently hit a new all-time high in January, a testament to the continued adoption of Ethereum. Layer 2 networks sit on top of the Ethereum blockchain and help scale it by processing transactions off-chain before sending data back to the main blockchain. According to data from L2BEAT, a layer-2 analytics platform, the TVL on these scaling solutions recently reached an all-time high of $21.16 billion, representing a 340% growth from the same day last year. Ethereum Layer-2 Networks Hit New Milestone 2023 was a great year for Ethereum, as the altcoin and its scaling solutions registered a steady increase in TVL despite strong competition from other networks like Solana and Cardano. Data from L2Beat shows the TVL on these scaling solutions started in 2023 with $4.81 billion but grew steadily throughout to end the year at $19.98 billion dollars, a 315% growth. Related Reading: XRP Price Set To Spike As Ripple Enters Another $1.5 Trillion Industry This growth was particularly exacerbated in the last quarter of 2023 and continued into 2024. The TVL grew by $1.18 billion in the first three days of January to reach $21.16 on January 3, its current all-time high. At the time of writing, the TVL is now at $20.41 billion, still up by 3.82% in the past seven days. A large fraction of this layer-2 TVL can be attributed to Arbitrum One, with the scaling solution currently having $10.05 billion worth of cryptocurrencies locked. OP Mainnet, formerly called Optimism, is second with a current TVL of $5.84 billion. 57% of this TVL is composed of OP tokens, compared to Arbitrum One, whose ARB token constitutes only 36% of the TVL. ETH price holds $2,200 | Source: ETHUSD on Tradingview.com State Of The ETH Network This massive growth shows that Ethereum users are flocking to layer 2 networks to escape high gas fees and congestion on the mainnet. Ethereum’s TVL also witnessed steady growth throughout the year, adding $7.6 billion in the last quarter of 2023. Data from DeFiLlama shows the TVL on Ethereum is now at $28.532 billion. Related Reading: Dogecoin Volume Explodes 190% But DOGE Price Remains Low, What’s Going On? However, Ethereum has seen its daily active addresses and transaction count plunge in the last few months. Data from Artemis revealed the network is currently being surpassed by Solana and Sui in terms of daily transaction count. Recent competition from Solana prompted an analyst to describe Ethereum as digging its own grave by relying too much on its layer-2 networks for scalability. Some layer-2 chains are also currently processing more transactions than Ethereum itself. L2BEAT puts the monthly transactions on zkSync Era and Arbitrum at 39.91 million and 35.54 million respectively, ahead of Ethereum’s count of 33.91 million transactions. Featured image from Yahoo Finance, chart from Tradingview.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

XRPUSD Ripple