Ethereum

Arbitrum

Optimism

dYdX (ethDYDX)

zkSync

<ul class="list-ic vertical"> 
 <li> 1 <a>The Ethereum Layer 2 ecosystem has crossed 50 transactions per second (TPS).</a> </li> 
 <li> 2 <a>It reached an all-time high of 50.83 TPS two days later.</a> </li> 
</ul> 
Ethereum Layer 2 is making all-time high records after the zkSync Era. It is a Layer 2 protocol that scales Ethereum with ZK technology. This has increased the daily activity sitting at 12.2 TPS compared to 10.9 TPS for Ethereum. On August 19, 2023, it processed a record high of 13.44 TPS. 
The interest across the Layer 2 is increasing, surpassing the Ethereum mainnet by 400%. On August 15, for the first time, the scaling throughput crossed 50 TPS. After two days, it was even making records higher than that. 
<h2 class="wp-block-heading" id="strong-arbitrum-and-optimism-facing-challenge-strong">Arbitrum and Optimism Facing Challenge&nbsp;</h2> 
The new L2 is considered a challenge for already existing Arbitrum and Optimism layers. Coinbase is the second most active layer after reaching the 50% high last week, Arbitrum is the third most active layer with 6.2 TPS, Starknet at fourth with 4.2 TPS and next is Optimism with 4.2 TPS. 
It is available through data that Arbitrum and Optimism command more than 80% of approximately $10B in total value locked in Layer 2 with $5.6B and $2.6B respectively. Layer 2 comes third with $408M followed by dYdX and Base with $339M and $237M respectively. 
Facing the new competition, Arbitrum has launched a new program called Grant. This program was launched last month. The foundation confirms that this new program is not going to affect or replace the existing programs. This grant program is operated by DAO. 
The first round of the funding of the foundation grant is used in decentralized applications and infrastructure for both of its works, the Arbitrum Nova and Arbitrum One. The category will include gaming, DeFi, and NFTs. The grant will support the advancement and development of the technical structure. 
<h2 class="wp-block-heading" id="strong-total-value-locked-tvl-on-ethereum-strong">Total Value Locked (TVL) on Ethereum</h2> 
The total value locked (TVL) on Ethereum Layer 2 networks has increased to new heights as gas fees continue to steadily rise, driving further adoption. The Layer 2 TVL has doubled since October 2022 from $2.6 Billion to the recent levels. As per BitInfoCharts, the Ethereum transaction fee is $40. They have now grown to their second highest-ever level of around $65 on November 9, 2022,. The data shows that it has increased 700% over the last 4 months. 
Gas prices also differ depending on the operation. Observing <a href="https://www.thecoinrepublic.com/2022/06/05/can-immutable-x-be-the-savior-for-yuga-labs-from-broken-etherscan/" target="_blank" rel="noopener noreferrer nofollow">Etherscan</a> reveals that a simple transaction on an ERC-20 token can cost around $45 at the time. On the other hand, the complex smart contract interaction on UniSwap can cost $140. 
Similarly, registering the name on the Ethereum name service can cost hundreds of dollars instead of the actual domain name costing only a few bucks per year. The developers and investors may attempt to avoid the Ethereum network due to high gas fees. 
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3> 
Ethereum Layer 2 results in making a high-time record of transactions. The all-time high of 50.83 TPS was reached on August 15, 2022. Layer 2 TVL has doubled over the past couple of months.

The Ethereum Layer 2 Sets a Record For Higher Transactions

Table of Contents

Thecoinrepublic.com

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