Close to $30 billion worth of assets have moved from Ethereum Layer 1 (L1) to various Layer 2 (L2) solutions, indicating a significant shift towards scaling Ethereum. Among the leading L2 platforms, Arbitrum leads with $10.6 billion in assets, followed by OP Mainnet with $5.2 billion, and others like Blast and Starknet with $2.5 billion and $1.4 billion respectively. Additional platforms such as Base, Metis, zkSync Era, Mantle, dYdX, Linea, Manta Pacific, Immutable, and Polygon zkEVM have also contributed with assets ranging from $949M to $158M. This migration is part of Ethereum's scaling efforts, with L2s reducing fees significantly, by approximately 80 times in some cases, and offering better user experiences. These developments are seen as a game-changer for Ethereum, with expectations that two or three general-purpose L2s will become massive hubs, securing hundreds of billions of dollars in value. BlackRock has expressed satisfaction with paying high fees on Ethereum L1 for reliability, while other users are benefiting from the cost-effective L2 solutions. The rise in Ethereum L2 activity is described as going 'parabolic,' with increased adoption expected to scale the Ethereum user base by two orders of magnitude. However, challenges such as higher fees and stalled transactions on networks like Base have been reported due to increased traffic.
The base fee on @base is spiking right now! In other words, the chain is seeing an exponential growth in demand. Exciting stuff, but it also means to sustain this level of demand that now we’ve got to scale the compute layer of the OP Stack. https://t.co/o5HYLexndl
Every network will scale w/ L2s, then scale those L2s horizontally (geographic sharding anyone?) L2 tech commoditizes quick (albeit L2s make cash w/ NE) so most L1s will have pretty good L2s. Liquidity and decentralization will be the ultimate boon for the L2s (DA being… https://t.co/3y39mCgjjJ
Users of @base, the Ethereum layer-2 blockchain from crypto exchange @Coinbase, are warned to expect higher fees and stalled transactions as the network struggles to deal with higher-than-average traffic. @skesslr reports https://t.co/5pvoTchCT1
Activity on Base has been based today 🔥 We lowered fees in a big way with 4844, and an increase in traffic has led to an increase in gas fees Have a stuck transaction? Just bump up the base fee or cancel and resend. We're working on scaling Base further and will keep sharing…
After Dencun's update, it's no surprise memecoins are eyeing L2s like Base due to cheaper transactions. @l2beat’s @miszke_eth notes we've yet to find equilibrium with data markets, expecting demand and Layer 2 usage to increase, potentially raising transaction costs. https://t.co/nKjtivHvqj
The Ethereum L2 wars are intensifying. @Blast_L2 (in yellow) is the latest contender. Are we doomed for liquidity to fragment into a million different pieces, limiting the promise of on-chain capital efficiency and composability? Probably not. Over time, L2 adoption is likely… https://t.co/jmHIEkfGeo
Ethereum layer 2 activity is going parabolic https://t.co/twvBSzd9cl
The Eth L1 and our L2s are a winning model to scale crypto to global ubiquity. The L1 is the best fit by far for whales, L2s, govts, and corps who want neutrality and risk minimization. L2s are great for a world that's going to need many chains. People want technical scaling,…
Ethereum L2s will scale the existing Ethereum user base by ~2 orders of magnitude this cycle imo a new wave of ETH whales will be born from what is still to come if that does not excite you and entice you to be early and get onto L2s, then i don't know what else will
BlackRock is happy to pay high fees on the Ethereum L1 for their 100M USDC to enjoy best-in-class reliability and rub shoulders with other whales while everyone else can use many L2 rollups and validiums for pennies or less Ethereum is scaling the way the world actually works
the endgame: you are going to have probably 2 (maybe 3) general purpose L2s become MASSIVE hubs for the Ethereum universe each will secure hundreds of billions of dollars in value and you'll be able to do almost any trade or financial transaction you need on any of them with…
the endgame: you are going to have probably 2 (maybe 3) general purpose L2s become MASSIVE hubs for the Ethereum universe each will secure hundreds of billions of dollars in value you'll be able to do almost any trade or financial transaction you need on any of them with huge…
you are going to have probably 2 (maybe 3) general purpose L2s become MASSIVE hubs for the Ethereum universe each will secure hundreds of billions of dollars in value you'll be able to do almost any trade you need on any of them with huge liquidity, low fees, and great UX…
Ethereum L2s have reduced fees by ~80x in some cases and now have better UX than some of the most popular alt-L1s and with transactions which actually go through consistently you'd be a fool to think this wasn't a gamechanger as this cycle has barely started from a retail…
Ethereum is scaling https://t.co/Vr3jE1AXrA
🚨🚨 Close to $30 billion worth of assets have moved from Ethereum L1 to L2s: Arbitrum $10.6B OP Mainnet $5.2B Blast $2.5B Starknet $1.4B Base $949M Metis $772M zkSync Era $746M Mantle$512M dYdX $395M Linea $389M Manta Pacific $285M Immutable $264M Polygon zkEVM$158M Loopring… https://t.co/Ugg5wqgV4C