Total value locked (TVL) in decentralized finance (DeFi) platforms built on Layer-2 networks for Ethereum (ETH) rose by a massive 964% in the first quarter compared to the same quarter last year, even as average transaction fees on Ethereum's base layer fell by 80%. The data about the surprising growth in TVL on Layer-2 platforms was shared in a quarterly State of Ethereum report from the crypto educational resource Bankless, stating that the amount increased by 964% from USD 686.9m as of the end of Q1 2021 to USD 7.3bn at the end of Q1 2022. The figure includes the total value locked across all Ethereum Layer-2 scaling solutions, including optimistic rollups, zero-knowledge rollups, and validiums, the report said. It added that in all, more than USD 23bn in digital assets, including USD 4.2bn worth of ETH, have been bridged from Ethereum to Layer-2 networks and other Layer-1 blockchains. Read more... |
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