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Layer 2 protocols increase your gas consumption on Ethereum




The rise in popularity of Ethereum’s Layer 2 (L2) scalability protocols has been evident over the past month and one consequence of this is the amount of gas they consume.

A new dashboard from Dune Analytics has revealed the extent to which Layer 2 platforms are consuming gas. The percentage of gas spent per day by L2 smart contracts has recently increased, but is still very low compared to the daily cap.

Ethereum has a daily gas cap of 100 billion on gas and only 0.18% is being used by L2 based on statistics compiled by Ethereum client developer ‘@PaoloRebuffo’.

September 12 saw the largest increase in gas consumption and most of it was produced on the Arbitrum platform following the launch of an L2 performance farm called ArbiNYAN.

L2 gas consumption – Dune Analytics

The increase in activity at Arbitrum It has propelled its total locked value to a record $ 2.3 billion at press time. However, the platform experienced a minor outage yesterday due to a bug with the sequencer.

Layer 1 is still expensive

The increase in gas consumption illustrates how quickly L2 protocols are growing in adoption. Still they consume only a small amount compared to slower Layer 1 networks.

According to Etherscan’s gas tracker, the NFT OpenSea marketplace continues to be the main gas consumer with 11.7% of the total used during the last 24 hours. This is worth around 730 ETH or $ 2.4 million at current prices.

Uniswap is the second largest gas user with its v2 platform consuming 6.2% of $ 1.3 million in gas in the last day. The stablecoin Tether ranks third with a consumption of 5.3% of the daily total.

In terms of 24-hour fees, Ethereum generated $ 29.7 million on September 14 according to CryptoFees. Comparatively, the Bitcoin network is way down in sixth place with $ 719,000 in daily fees posted yesterday.




Gas prices rise again

Ethereum’s average transaction fees had fallen from their September 7 peak at $ 60 to bottom out at about $ 18 on September 11, but are on track to rise again.

The average cost of a transaction It is currently around $ 24 according to BitInfoCharts. The actual cost will vary depending on the operation, a simple ERC-20 token transfer can cost around $ 15

For its part, a more complicated smart contract operation, such as providing liquidity to a DeFi farm, it can cost up to $ 48 worth of gas right now.

This is the main reason why users are now switching to Layer 2 protocols like Arbitrum and Polygon, which EY just integrated.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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