Layer 2 networks are spending more gas than... - Deepstash

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<ul><li>Layer 2 networks are s...

  • Layer 2 networks are spending more gas than ever settling transactions on Ethereum mainnet.
  • The Wednesday following Optimism's token launch saw Layer 2 networks use a record-breaking 3.95% of the daily gas consumption on Ethereum.
  • Polygon's co-founder Sandeep Nailwal suggested on Twitter today that Ethereum might eventually evolve into a network where Layer 2 transactions occupy the majority of its blockspace.

Ethereum Profits From Layer 2 Expansion

Ethereum Profits From Layer 2 Expansion

Weekly Ethereum gas spent by Layer 2 networks: Source: @funnyking/Dune

When Ethereum traffic increases it accrues value to all ETH holders. This is because the base gas fees on Ethereum are burned, reducing the overall ETH supply and thus increasing the value of all remaining tokens. In this way Ethereum “profits” as Layer 2 networks use its blockspace to settle transactions more efficiently than can be done directly on mainnet.

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