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Ethereum Layer 2s soar to new high in L1 publishing fees, crossing $16M

Might proved to be a big month for Ethereum’s Layer 2 networks, as the prices for publishing information and safety proofs again to the principle Ethereum community climbed to a brand new all-time excessive of 9000 Ether (ETH), equal to $16.2 million, even with just a few days left within the month.

This improvement marks a five-fold enhance from the full charges paid by L2s in January 2023, in accordance with information from The Block.

Within the Layer 2 panorama, Arbitrum emerged because the main contributor in mainnet publishing charges, incurring prices of 4260 ETH, or roughly $7.6 million. In the meantime, zkSync’s Period mainnet, a product of ZK-Rollup expertise, adopted intently with 2250 ETH, equal to $4 million, securing its place on the second place.

Notably, zkSync Period surpassed Optimism, one other well-known Layer 2 resolution, in efficiency for the primary time. It’s noteworthy that Optimism has constantly held a place inside the high two relating to payment assortment for the reason that earlier yr. The not too long ago noticed payment construction represents a brand new peak in Layer 1 publishing prices throughout all three of essentially the most broadly used L2 networks.

This information charges spike is attributed to the rising transaction charges on the Ethereum mainnet throughout the month. “The charges paid by L2s for publishing information to Ethereum have already hit a brand new excessive in Might. The rise in gasoline prices we’ve seen has made publishing extra expensive,” Rebecca Stevens, analysis analyst at The Block, famous.

In Might, Ethereum’s common transaction charges hit ranges final seen the earlier yr. On this context, Layer 2 options, that are primarily based on rollup applied sciences, are significantly helpful. They course of transactions off the principle Ethereum blockchain, thereby offering a extra inexpensive methodology for transaction execution.

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These rollups are required to publish safety proofs and different metadata to the Ethereum mainnet, utilizing income generated from customers’ transaction charges. Nevertheless, the publishing charges incurred would nonetheless be considerably cheaper in comparison with these on the mainnet.

© 2023 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It’s not supplied or meant for use as authorized, tax, funding, monetary, or different recommendation.

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