News - New records in the Ethereum layer 2 sector

By Mike Hesp

New records in the Ethereum layer 2 sector

Ethereum (ETH)
Blockchain-Technology

The Ethereum network is growing faster and faster. The layer 2 sector is thriving and set several new records in February.

The layer 2 sector of Ethereum continues to grow exponentially. In February, the TVL of all layer 2 networks climbed above the $35 billion mark for the first time, reaching a new record high. It is therefore likely that the sector will next set its sights on the $40 billion mark. If conditions in the crypto market remain favorable, we can expect continued growth in this regard, as more and more investors are looking for cheaper alternatives to the ETH mainchain.

Total value locked of all layer 2 networks

Source: L2Beat

Especially since projects such as Altlayer now make it possible to launch new L2 chains cheaply and easily. Ethereum's Dencun upgrade should also make it more attractive for developers of numerous DeFi platforms to launch their product on L2s rather than alternative layer 1 networks such as Solana, Avalanche or Sui.

Ethereum is scaling faster and faster

At the same time, the scale factor of the ETH mainchain has reached new heights, with L2 networks now processing more than eight times as many transactions as the mainchain.

L2 networks are processing more and more transactions.

Source: L2beat

This impressive increase in transaction capacity highlights Ethereum's role as a leading platform for smart contracts and DeFi applications and is evidence of growing user adoption.

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