Layer2 networks see jump in dApp migration; the reason might surprise you
Arbitrum continues to lead as the layer 2 network with the highest TVL
Gas fees spent by layer 2 Ethereum scaling solutions to settle proofs on Ethereum have clinched an all-time high as decentralized applications native to layer 1 networks increase migration to L2s, a new report fromL2 networks are separate blockchains that extend the functionalities of the Ethereum network and inherit the security guarantees of Ethereum. Transactions are executed on these L2s and then batched up to the base layer, Ethereum.
To settle proofs of these batched-up transactions on Ethereum, L2s are required to pay gas fees for the network’s security. Therefore, as more applications and their users migrate to these L2s, ramping up the number of transactions processed and batched, the amount paid as gas fees to settle proofs by L2s has also rallied to an all-time high.
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