According to data from L2Beat, an L2 comparison platform, the total TVL on Layer-2 solutions has surpassed $3 billion, with Arbitrum accounting for $2.2 billion, or over 75%, of that total. The daily transaction volume was around 267k yesterday, according to data, indicating a growth rate of over 250 percent.
As DeFi ‘degens’ and Ethereum aficionados seek cheaper gas fees and attractive DeFi chances, the total value locked (TVL) on Ethereum Layer-2 solutions has surpassed the $3 billion mark.
According to additional data, ETH and WETH have contributed 37 percent of the value ported over, or $2.6 billion, across all bridge deposits made.
L2BEAT is an Ethereum layer two (L2) scaling analytics and research website. We compare the various Ethereum L2 systems that are currently available.
Arbitrum Records Massive Influx.
Arbitrum’s bridge, which allows users to deposit Ethereum via Metamask to the Arbitrum mainnet, has experienced a massive increase in deposits. According to Dune statistics, the Arbitrum bridge’s TVL has now ported close to $2.2 billion in assets, with a seven-day change of 2,457 percent.
Even though Ethereum heavyweights like Compound and Aave have yet to integrate Arbitrum, Ethereum protocols are still modifying their frameworks to enable Arbitrum services. The majority of people are flocking to Arbinyan, Arbitrum’s inaugural farming platform (related to the nyan cat meme).
Arbitrum is a Layer-2 rollup solution, whereby transactions are processed ‘off-chain.’ The average transaction cost on a Layer-2 optimistic rollup like Arbitrum and Optimism is significantly lower than existing Ethereum gas prices, according to data from L2 Fees, with the average transaction cost presently about $2.
Arbitrum is expected to continue to grow as developers create new DeFi platforms, with some predicting that Arbitrum will eventually overtake existing Layer-1 solutions in DeFi TVL.