Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ETHEREUM NEWS»Ethereum Layer 2 network sets new record.
ETHEREUM NEWS

Ethereum Layer 2 network sets new record.

By Crypto FlexsJanuary 6, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ethereum Layer 2 network sets new record.
Share
Facebook Twitter LinkedIn Pinterest Email

Total value locked (TVL) on the Ethereum layer-2 network recently hit an all-time high in January, demonstrating the continued adoption of Ethereum. The layer 2 network sits on top of the Ethereum blockchain and helps it scale by processing off-chain transactions before sending data back to the underlying blockchain.

According to data from L2BeatTVL for these scale-out solutions, a layer 2 analytics platform, recently hit an all-time high of $21.16 billion, up 340% from the same day last year.

The Ethereum Layer-2 network has reached a new milestone.

2023 was a good year for Ethereum. This is because altcoins and scaling solutions have recorded a steady increase in TVL. fierce competition On other networks such as Solana and Cardano. According to data from L2Beat, TVL for these scale-out solutions started 2023 at $4.81 billion but has grown steadily to $19.98 billion by the end of the year, a 315% growth.

This growth worsened particularly in the fourth quarter of 2023 and continued into 2024. TVL increased by $1.18 billion in the first three days of January, reaching an all-time high of $21.16 as of January 3.

At the time of this writing, TVL is currently worth $20.41 billion, still up 3.82% over the past seven days. A significant portion of this layer 2 TVL is: decision 1There is currently $10.05 billion worth of cryptocurrency locked up in the scaling solution.

ON mainnet, formerly called Optimism, is currently in second place with a TVL of $5.84 billion. 57% of this TVL consists of OP tokens, while Arbitrum One’s ARB tokens make up only 36% of TVL.

ETH price holds $2,200 | Source: ETHUSD on Tradingview.com

ETH network status

This massive growth shows that Ethereum users are flocking to layer 2 networks to avoid high gas fees and congestion on the mainnet. Ethereum’s TVL also saw steady growth throughout the year, adding $7.6 billion in the fourth quarter of 2023. DeFiLlama It shows that Ethereum’s TVL is currently $28.532 billion.

However, Ethereum has seen a sharp decline in the number of daily active addresses and transactions over the past few months. Source of data Artemis It said the network is currently surpassing Solana and Sui in terms of number of daily transactions. Solana’s Recent Competition He urged the analyst: Explaining Ethereum Relying too heavily on layer 2 networks for scalability is like digging your own grave.

Some layer 2 chains are currently processing more transactions than Ethereum itself. L2BEAT stores monthly transactions in zkSync Era and decision They surpass Ethereum’s 33.91 million transactions with 39.91 million and 35.54 million transactions, respectively.

Featured image from Yahoo Finance, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin is more than $ 104K as the merchant’s eyes move from H2 to $ 145,000.

June 20, 2025

Can Etherrium price return to $ 4,000? Analysts say that ETH should go beyond this support.

June 16, 2025

Bank of America’s eyes among the Senate’s fast tracking genius acts

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Polemos Launches $PLMS Token On MEXC And Uniswap, Advancing Web3 Gaming Infrastructure

June 23, 2025

Bitcoin will protrude again, and Arthur Hayes says after dip to less than $ 100K.

June 23, 2025

Spot trading vs. margin transaction of encryption

June 22, 2025

British trail EU, US encryption regulation, think tank warning

June 22, 2025

XRP Falls 7% Due To Lawsuit, CryptoMiningFirm Helps You Make $81,350 A Day And Avoid The Turbulence Of The Cryptocurrency Market

June 21, 2025

HyperLend Protocol Thanksgiving Summary -Ackee Blockchain

June 21, 2025

Byreal Launches With Strategic Support From Bybit On Solana

June 21, 2025

Currently the most searched Cryptocurrencies: The reason why this coin is attracting investors’ attention

June 21, 2025

Litecoin Key Support in Focus Price Eye Brake Out Determination

June 20, 2025

TUIMAX Secures U.S. MSB License To Build A Globally Trusted Trading Platform

June 20, 2025

Flipster And Aptos Foundation Partner To Drive Stablecoin Adoption And Unlock Multichain Opportunities

June 20, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Polemos Launches $PLMS Token On MEXC And Uniswap, Advancing Web3 Gaming Infrastructure

June 23, 2025

Bitcoin will protrude again, and Arthur Hayes says after dip to less than $ 100K.

June 23, 2025

Spot trading vs. margin transaction of encryption

June 22, 2025
Most Popular

Top 4 Meme Coins Expected to Earn Huge Profits in 2024 – Best Picks for Traders and Beginners

January 13, 2024

Toncoin Trends: Analyzing the Impact of the 80% Transaction Surge

September 22, 2024

Highlights from The Block’s 2024 Digital Asset Outlook Report

December 23, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.