Ethereum L2 Gas Fees Hit ATH; Here’s Why

On June 2, 2022, Ethereum (ETH) second-player platforms demonstrated a rapid rise in gas fees and transactional pressure. Seasoned cryptocurrency expert Paolo Rebuffo noticed this upsurge through purpose-made dashboards on Dune analytical platform.

Ethereum L2s consumed 4% of gas limit

As noticed by the automated service, yesterday was the most successful day for Ethereum L2s in terms of gas amount spent. Major second-layer platforms were responsible for almost 4% of net gas limit for Ethereum’s blockchain.

important to credit the author @PaoloRebuffo and link to the source:https://t.co/pLhpv4lDGN

— trent.eth (@trent_vanepps) June 3, 2022

In total, L2s consumed 3.95 billion gas, which is equal to 3.95% of the daily gas limit for Etheruem (ETH). This is the highest level in the history of Ethereum’s scaling networks. Analysis includes data from Arbitrum, Aztec, DeversiFi, Boba Network, dYdX, ImmutableX, Loopring, Optimism, Metis, Polygon Hermez, Starknet, ZkSwap, ZkSync and other second-layer solutions.

This upsurge can be attributed to the euphoria around the much-anticipated token airdrop of Optimism Network (OP). As covered by U.Today previously, this event pushed Optimism fees over those of SushiSwap, MakerDAO and ENS giants.

Besides that, some crypto enthusiasts may also be interested in moving their riches to L2s in view of potential future Optimism-style airdrops.

TVL of L2s has broken multi-week downtrend

Despite a major downturn of the crypto market, Ethereum’s L2s registered the busiest month in their history in terms of gas usage. The monthly amount of gas spent added more than 50% compared to April’s levels.

This allowed the TVL metric of major L2s to start recovering from a multi-week dropdown. As U.Today reported earlier, in late May 2022, this metric dropped to October 2021 levels.

However, last week, TVL spiked from $4.47 billion to $5.17 billion, adding almost 16% in a matter of days.