{"id":559413,"date":"2023-11-07T00:00:15","date_gmt":"2023-11-07T00:00:15","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=559413"},"modified":"2023-11-06T18:15:02","modified_gmt":"2023-11-06T18:15:02","slug":"ethereum-layer-2-booming-will-gas-fees-drop-even-in-a-bull-market","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-layer-2-booming-will-gas-fees-drop-even-in-a-bull-market\/","title":{"rendered":"Ethereum Layer-2 Booming: Will Gas Fees Drop Even In A Bull Market?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The adoption of Ethereum layer-2s is on the rise if Token Terminal data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/eriksmithcfp\/status\/33173494\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shared<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on November 6 is anything to go by. According to statistics from the blockchain analytics platform shared by Erik Smith, the Chief Investment Officer (CIO) of 401 Financial, the average active addresses over the past three months has exceeded 10 million, a nearly 2X expansion from early 2023.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/shenyangcang.com\/analysis\/ada\/ada-price-20-bull-market\/\" target=\"_blank\" rel=\"noopener \">Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers<\/a><\/p>\n<h2><span data-preserver-spaces=\"true\">Ethereum Layer-2s Finding More Adoption<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Looking at the chart, Polygon, an Ethereum sidechain, remains the most popular. At the same time, Arbitrum and OP Mainnet, which are common layer-2s adopting the roll-up technology, are actively being used. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, OP Mainnet&#8217;s share is gradually dropping. Base, a layer-2 backed by Coinbase, and StarkNet are also finding adoption, expanding their share over the past three months.<\/span><\/p>\n<figure id=\"attachment_559415\" aria-describedby=\"caption-attachment-559415\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-559415\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?resize=1024%2C955\" alt=\"Popular Ethereum layer-2s| Source: Token Terminal via Erik Smith on X\" width=\"1024\" height=\"955\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=1610 1610w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/F-QUWRUXcAAIlxX.jpeg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-559415\" class=\"wp-caption-text\">Popular Ethereum layer-2s | Source: Token Terminal via Erik Smith on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">In crypto, active addresses refer to the number of unique wallet addresses (sending and receiving) that have interacted with the blockchain, in this case, Ethereum, over a given period. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An uptick or contraction in the number of active addresses can be used to measure sentiment and the level of uptake. In bear markets, active addresses tend to drop, only rising when bulls flow in, pointing to a possible scramble for arising opportunities.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/XaRFRfOo\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/XaRFRfOo\/\" alt=\"Ethereum price trends upwards on daily chart| Source: ETHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trends upwards on daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/XaRFRfOo\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The recent uptrend coincides with the rapid expansion of leading crypto prices. Ethereum (ETH) prices are inching closer to the $1,870 resistance level, with a breakout above this line a potential trigger for a leg up that might see the coin retest $2,100 and even register new 2023 highs. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Usually, rising crypto prices tend to revive demand as the number of active addresses and, in some instances, the total value locked (TVL) in decentralized finance (DeFi), and more.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What Will Happen To Gas Fees?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Ethereum is the world&#8217;s most active smart contract platform, stretching its dominance mainly because of its first-mover advantage. The blockchain anchors more DeFi, non-fungible tokens (NFTs), and gaming activity. Deploying protocols, depending on their objectives, can either directly launch on the mainnet or layer-2s.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The mainnet is directly secured by validators, while layer-2 solutions depend on the mainnet for security but often re-route transactions off-chain. In this arrangement, more transactions can be processed cheaply and efficiently, relieving the mainnet. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Though the Ethereum base layer is secure, its peak transaction throughput remains relatively lower at around 15 TPS. This means during peak demand, gas fees tend to be higher, impacting user demand.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, Ethereum gas fees remain at a multi-year low at around 23 Gwei, according to <a href=\"https:\/\/ycharts.com\/indicators\/ethereum_average_gas_price\" target=\"_blank\" rel=\"noopener nofollow\">trackers<\/a>, as seen on the chart below. This is down from 240 Gwei recorded in February 2021 when crypto assets rapidly rose.<\/span><\/p>\n<figure id=\"attachment_559414\" aria-describedby=\"caption-attachment-559414\" style=\"width: 881px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-559414\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?resize=881%2C439\" alt=\"Ethereum gas fee trend| Source: YCharts\" width=\"881\" height=\"439\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=881 881w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=360 360w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot447.png?w=750 750w\" sizes=\"(max-width: 881px) 100vw, 881px\"><figcaption id=\"caption-attachment-559414\" class=\"wp-caption-text\">Ethereum gas fee trend | Source: YCharts<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">For now, whether gas fees will increase as the market recovers is yet to be seen. What&#8217;s evident is that as users opt for layer-2s, the mainnet will likely be relieved, keeping gas fee fluctuation low.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/bitcoin-cleared-level-historically-lead-rallies-99\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Has Just Cleared A Level That Historically Lead To Rallies Of 99%+<\/a><\/div>\n<div><\/div>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The adoption of Ethereum layer-2s is on the rise if Token Terminal data\u00a0shared\u00a0on November 6 is anything to go by. According to statistics from the blockchain analytics platform shared by Erik Smith, the Chief Investment Officer (CIO) of 401 Financial, the average active addresses over the past three months has exceeded 10 million, a nearly 2X expansion from early 2023. Related Reading: Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers Ethereum Layer-2s Finding More Adoption Looking at the chart, Polygon, an Ethereum sidechain, remains the most popular. At the same time, Arbitrum and OP Mainnet, which are common layer-2s adopting the roll-up technology, are actively being used. Even so, OP Mainnet&#8217;s share is gradually dropping. Base, a layer-2 backed by Coinbase, and StarkNet are also finding adoption, expanding their share over the past three months. In crypto, active addresses refer to the number of unique wallet addresses (sending and receiving) that have interacted with the blockchain, in this case, Ethereum, over a given period. An uptick or contraction in the number of active addresses can be used to measure sentiment and the level of uptake. In bear markets, active addresses tend to drop, only rising when bulls flow in, pointing to a possible scramble for arising opportunities. The recent uptrend coincides with the rapid expansion of leading crypto prices. Ethereum (ETH) prices are inching closer to the $1,870 resistance level, with a breakout above this line a potential trigger for a leg up that might see the coin retest $2,100 and even register new 2023 highs. Usually, rising crypto prices tend to revive demand as the number of active addresses and, in some instances, the total value locked (TVL) in decentralized finance (DeFi), and more. What Will Happen To Gas Fees? Ethereum is the world&#8217;s most active smart contract platform, stretching its dominance mainly because of its first-mover advantage. The blockchain anchors more DeFi, non-fungible tokens (NFTs), and gaming activity. Deploying protocols, depending on their objectives, can either directly launch on the mainnet or layer-2s.\u00a0 The mainnet is directly secured by validators, while layer-2 solutions depend on the mainnet for security but often re-route transactions off-chain. In this arrangement, more transactions can be processed cheaply and efficiently, relieving the mainnet. Though the Ethereum base layer is secure, its peak transaction throughput remains relatively lower at around 15 TPS. This means during peak demand, gas fees tend to be higher, impacting user demand. Still, Ethereum gas fees remain at a multi-year low at around 23 Gwei, according to trackers, as seen on the chart below. This is down from 240 Gwei recorded in February 2021 when crypto assets rapidly rose. For now, whether gas fees will increase as the market recovers is yet to be seen. What&#8217;s evident is that as users opt for layer-2s, the mainnet will likely be relieved, keeping gas fee fluctuation low. Related Reading: Bitcoin Has Just Cleared A Level That Historically Lead To Rallies Of 99%+ Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":559416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[84309,87903,8323,1946,6931,78803,9846,89829,89478,83584,89830],"class_list":["post-559413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-arbitrum","tag-base","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-gas","tag-layer-2s","tag-op-mainnet","tag-polygon","tag-starknet"],"acf":[],"yoast_head":"\n<title>Ethereum Layer-2 Booming: Will Gas Fees Drop Even In A Bull Market?<\/title>\n<meta name=\"description\" content=\"The adoption of Ethereum layer-2s is on the rise if Token Terminal 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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