The favorable transaction conditions of Layer 2 networks resulted in a massive increase in the number of users in March. This climbed from 3.8 to 5.1 million users – a new record for the adaptation of L2s. Around 1.3 million users are on multiple L2s at the same time.
Since the number of users on the Ethereum mainchain has remained constant, it can be assumed that many L2 users are new users who are discovering the ecosystem for themselves.
Total capital on Layer 2 networks reaches all-time high
Although the prices of many L2 tokens do not reflect it, the exponential growth of Ethereum scaling solutions continued relentlessly in March. Fueled by the Dencun upgrade, further crypto capital flowed into the sector. Total Value Locked (TVL) rose to over $40 billion – a new all-time high measured in ETH.
With transaction conditions now favorable and new trends and innovations in the L2 sector, growth is unlikely to slow down in the coming months. Small setbacks are likely to occur occasionally.
You can find out how the Dencun upgrade affects the ETH ecosystem and how investors can benefit now free Ethereum report.
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