DeFi & L1L2 Weekly – 📈 Ethereum L2 Transactions Hit Record Highs, Resulting In Fees to Drop
DeFi & L1L2 Weekly – 📈 Ethereum L2 Transactions Hit Record Highs, Resulting In Fees to DropEthereum L2 transactions hit record highs, resulting in transaction fees to drop. Optimism to introduce Layer-3 applications to the Superchain. Cosmos-based Osmosis is launching a Bitcoin L2.
Weekly DeFi IndexThis week's market capitalisation, volume, and volatility indices were negative at -5.87%, -9.78%, and -75.71% respectively. Chart of the WeekEthereum Layer-2s (L2s) surged to new all-time highs, as more activity and an increasing number of transactions are being settled on L2s. L2 transactions represent about 87% of total transactions on the Ethereum network, compared to 77% before the Dencun upgrade. The number of distinct addresses interacting with L2s has also reached 5.5 million – more than double the number on the Ethereum mainnet. The ongoing heightened activity on L2s could be attributed to the completion of the Dencun upgrade, which significantly reduced the fees for L2s and, in turn, attracted more users to L2 rollups and sidechains. Meanwhile, the lowered transactions drove the drop in transaction fees on Ethereum, as the average transaction fee hit a record low of US$1.712 as of 12 May.
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