Ethereum L2 Gas Fees Hit ATH; Here’s Why

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Vladislav Sopov

Usage of sec­ond-lay­er net­works on top of Ethereum (ETH) rock­et­ed in last two days, data says

Con­tents

On June 2, 2022, Ethereum (ETH) sec­ond-play­er plat­forms demon­strat­ed a rapid rise in gas fees and trans­ac­tion­al pres­sure. Sea­soned cryp­tocur­ren­cy expert Pao­lo Rebuf­fo noticed this upsurge through pur­pose-made dash­boards on Dune ana­lyt­i­cal platform.

Ethereum L2s consumed 4% of gas limit

As noticed by the auto­mat­ed ser­vice, yes­ter­day was the most suc­cess­ful day for Ethereum L2s in terms of gas amount spent. Major sec­ond-lay­er plat­forms were respon­si­ble for almost 4% of net gas lim­it for Ethereum’s blockchain.

In total, L2s con­sumed 3.95 bil­lion gas, which is equal to 3.95% of the dai­ly gas lim­it for Etheruem (ETH). This is the high­est lev­el in the his­to­ry of Ethereum’s scal­ing net­works. Analy­sis includes data from Arbi­trum, Aztec, Dev­er­si­Fi, Boba Net­work, dYdX, ImmutableX, Loopring, Opti­mism, Metis, Poly­gon Her­mez, Starknet, ZkSwap, ZkSync and oth­er sec­ond-lay­er solutions.

This upsurge can be attrib­uted to the eupho­ria around the much-antic­i­pat­ed token air­drop of Opti­mism Net­work (OP). As cov­ered by U.Today pre­vi­ous­ly, this event pushed Opti­mism fees over those of SushiSwap, Mak­er­DAO and ENS giants.

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Besides that, some cryp­to enthu­si­asts may also be inter­est­ed in mov­ing their rich­es to L2s in view of poten­tial future Opti­mism-style airdrops.

TVL of L2s has broken multi-week downtrend

Despite a major down­turn of the cryp­to mar­ket, Ethereum’s L2s reg­is­tered the busiest month in their his­to­ry in terms of gas usage. The month­ly amount of gas spent added more than 50% com­pared to April’s levels.

This allowed the TVL met­ric of major L2s to start recov­er­ing from a mul­ti-week drop­down. As U.Today report­ed ear­li­er, in late May 2022, this met­ric dropped to Octo­ber 2021 levels.

How­ev­er, last week, TVL spiked from $4.47 bil­lion to $5.17 bil­lion, adding almost 16% in a mat­ter of days.



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