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24 Nov 2021

Total Value Locked on Ethereum Layer 2 Climbs to new all-time high of $6.59 Billion

Total Value Locked on Ethereum Layer 2 Climbs to new all-time high of $6.59 Billion

The Index Today

The demand for layer 2 (L2) protocols has continued to increase in the middle of Ethereum’s high gas fees. According to the analytics of L2 platform L2beat, the TVL locked across various L2 protocols has climbed to a record-breaking all-time high of over $6.59 billion, up by nearly 20% just in the last seven days.

L2 scaling solutions provided a temporary fix to Ethereum’s high gas fees and low transaction output. They provide a much higher transaction throughput and lower transaction fees.

These protocols mentioned have gathered increased patronage in the past few months. They have increased in terms of adoption in this month of November.