Key Points
The utilization of Ethereum‘s Layer 2 (L2) has been on the rise recently, with the number of users reaching unprecedented levels. This growth is coupled with an increase in the Total Value Locked (TVL).
The impact of this surge on Ethereum’s fees, however, remains to be seen.
Exploring the L2 User Base and TVL Growth
Growthepie data reveals a significant expansion in the Ethereum L2 user base over the past few months. A remarkable milestone was recently achieved.
In the last week, the L2 user count has soared to a historic high of over 3.1 million. This is the first time this year that the weekly user count has exceeded 3 million, setting a new record of over 3.1 million.
The previous record was established in December, when the user count surpassed 3 million. The growth in users has coincided with a rise in another crucial L2 metric.
Data from L2 Beats shows a steady increase in L2 TVL over the past few months, reaching a recent peak. The TVL has reached its highest point ever, hitting $29 billion on February 26th and has been on the rise since.
At the moment, the TVL stands at around $29.46 billion, indicating a growth of over 4% in the past week. Arbitrum is highlighted as the L2 network with the highest TVL, exceeding $13 billion.
Furthermore, Ethereum’s overall TVL has seen significant growth in recent weeks. According to data from DefiLlama, the TVL has surpassed $50 billion for the first time in over a year.
Currently, the Ethereum TVL is $51.163 billion, indicating a continuing upward trend.
Crypto Fees data shows a slight increase in Ethereum fees between 19th February and 28th February. On 19th February, the network fee was about $12 million.
At the moment, the fee has risen to over $15 million. While it hasn’t reached the highest fee observed recently, over $20 million on 9th February, the current fee represents an increase.
