• The hike in fees denotes a 5x increase from the value when the year began.
• Among all L2 projects, Arbitrum remains the one with the most market share. 

Layer two (L2) solutions under the Ethereum [ETH] blockchain have sustainably gained traction as a means of addressing the network’s scalability and high transaction fees. As a result, the L2 data fees on Ethereum reached an All-Time High (ATH), according to data from The Block.

Read Ethereum’s [ETH] Price Prediction 2023-2024

L2 data fees refer to the costs associated with transferring data and executing transactions on L2 networks built on top of Ethereum L1 Mainnet. As more users and applications utilize L2 solutions, the demand for processing transactions off-chain surges, reflecting increased usage and demand for these scaling solutions.

More for optimistic; ZK hoping to catch up

From the data displayed above, both optimistic rollups and Zero-Knowdedge (ZK) rollups contributed to the milestone. However, it was notable to mention that Arbtirum [ARB] and Optimism [OP], which fall under the optimistic rollup, did more than their ZK counterparts.

For the month of May, Arbitum contributed a whopping 47.3%. Optimism, on the other hand, grabbed 23.04% of the spoils. While ZK rollups only played second-fiddle,
Go to Source to See Full Article
Author: Victor Olanrewaju

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details