Ethereum Layer-2 Arbitrum's TVL Stands at Over $2.3 Billion, Gas Fees Still High
Trackers on September 16 show that Arbitrum locks over $2.3 billion less than a month after launching.
While popular, the adoption of the layer-2 solution isn't helping keep Gas fees low. According to BitInfoCharts, the average cost of a simple transaction stands at $24. However, this varies according to the transaction type.
A simple transfer can cost around $15, and on the other hand, supplying liquidity can be upwards of $45. This could rise if Layer-2 options fail to help soak network demand and dump down Gas fees.
Arbitrum and all Layer-2s use 0.43 percent of the 100 billion in the daily Gas limit, indicating low demand. It could also be taken to mean that most DeFi and NFT intensive dApps are yet to bridge to layer-2 channels despite developers urging projects to shift to relieve the primary layer.
Sources indicate that ETH transfers contribute to a big chunk of Gas.
Still, there is observable demand from OpenSea (NFTs), Stablecoins—like USDT—and Uniswap—the token swapping protocol. Base fees stemming from the above protocols are being burned, steadying and supporting ETH prices.
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