- Ethereum Layer 2 network gas usage crosses 100 billion.
- Paolo Rebuffo states that there has been double the gas consumed in the last six months.
- Optimism, a scalable L2 blockchain stays on top in terms of usage, followed by Arbitrum.
Entrepreneur Paolo Rebuffo shared the data from Dune Analytics to show the massive consumption of gas by Ethereum layer 2 networks. As per the data, over 100 billion gas has been consumed to validate transactions and also to operate bridges on L1.
Rebuffo mentioned that the 50 billion gas threshold was overthrown in May 2022. In the time span of six months, there has been a doubling of the gas consumed by the L2 systems. Gas consumption has hit a monthly all-time high, which is a huge leap from the 33.2 billion at the beginning of the year.
On the market, Optimism, Arbitrum, dYdX, Starkware, and Loopring are the most well-known layer 2 networks. With almost 50% of the market, Optimism predominates. With about 30% of the market, Arbitrum is in second place, and dYdX is in third place. The remaining group barely holds any market share.
As per the data at press time, over 25 billion gas is spent to settle L2 activity on a weekly basis. The monthly gas spent as mentioned has touched 104 billion.
In 2022, layer 2 solution adoption has increased significantly as a result of several noteworthy developments that happened concurrently. GameStop has introduced ImmutableX, its NFT marketplace on layer 2 solutions. In October, the well-known liquid staking program Lido also debuted on the layer 2 networks Optimism and Arbitrum.
Layer 2 adoption has been visibly on the rise over the last year. These layer 2 solutions also aid in settling the transactions quickly and with a low gas fee.