Ethereum Layer2 Network Reaches a New High with Total Lockup Volume of $10.58 Billion

04/17/2023 02:26 • Metaverse & Beyond • 63 views

According to reports, according to L2BEAT data, the total lockup volume of Ethereum Layer2 network reached $10.58 billion, an increase of 15.24% in the past 7 days, reaching a new historical high. Among them, the total lockdown volume of the Arbitrum One network is 7.06 billion US dollars, accounting for 66.75%; The total lock in volume of Optimism network is 2.17 billion US dollars, accounting for 20.52%.

Data: The total lockdown volume of Ethereum Layer2 network reached $10.58 billion, setting a new historical high

Introduction

Cryptocurrency has been on everyone’s radar in recent times due to the impressive gains and high volatility it offers. One cryptocurrency that has been making headlines is Ethereum. It has been in the market for years and has gained popularity for its smart contract capability. The Ethereum network, however, had some scalability issues, which led to the creation of Layer2 networks to improve transaction speeds and reduce fees. In recent reports, Ethereum Layer2 network reached a new high with total lockup volume of $10.58 billion.

What is Ethereum Layer2 Network?

Ethereum is a decentralized blockchain platform that enables developers to build and run decentralized applications (DApps). The Layer2 networks are built on top of the Ethereum network to increase its scalability. These networks use different techniques to handle transactions and reduce congestion on the Ethereum network.

The Total Lockup Volume of Ethereum Layer2 Network

According to L2BEAT data, the total lockup volume of the Ethereum Layer2 network reached $10.58 billion. This is a 15.24% increase in the past 7 days, which is a clear indication of how popular the network is becoming. The Layer2 networks that have contributed to this high volume are Arbitrum One and Optimism.

Arbitrum One Network

The Arbitrum One network has contributed the most to the total lockup volume of the Ethereum Layer2 network. Its total lockup volume is $7.06 billion, accounting for 66.75% of the total lockup volume. It uses optimistic rollups to increase transaction speed and reduce fees. This network has become popular due to its low fees and fast transaction times.

Optimism Network

The Optimism network is another Layer2 network built on the Ethereum network. Its total lockup volume is $2.17 billion, accounting for 20.52% of the total lockup volume of the Ethereum Layer2 network. It uses optimistic rollups to improve transaction speeds and fees. This network has been gaining popularity due to its high security and scalability.

Conclusion

The Ethereum Layer2 network has become a popular choice for users looking for faster transaction speeds and lower fees. The total lockup volume reaching $10.58 billion is a testament to the acceptance and growth of Layer2 networks. The Arbitrum One and Optimism networks have been instrumental in contributing to this growth with their unique features.

FAQs

1. What is Ethereum Layer2 Network?
– Ethereum Layer2 network is a solution built on top of Ethereum blockchain to increase transaction speed and reduce fees.
2. What is the total lockup volume of the Ethereum Layer2 network?
– The total lockup volume of the Ethereum Layer2 network is $10.58 billion.
3. Which Layer2 network contributed the most to the total lockup volume?
– The Arbitrum One network contributed the most to the total lockup volume of the Ethereum Layer2 network with $7.06 billion, accounting for 66.75% of the total lockup volume.

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