The total value locked (TVL) on layer 2 protocols has soared to a new all-time high of $6.59 billion.
The demand for layer 2 (L2) protocols has continued to grow amid Ethereum’s high gas fees. According to L2 analytics platform L2beat, the TVL locked across various L2 protocols has climbed to an all-time high of over $6.59 billion, up by nearly 20% in the last seven days.
L2 scaling solutions provide a temporary fix to Ethereum’s high gas fees and low transaction throughput. They provide a much higher transaction throughput and lower transaction fees.
These protocols have enjoyed increased patronage in the past few months. They have surged in terms of adoption in November.
Hitting new ATHs in $ETH locked in layer2
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