Ethereum-Based Layer 2 Networks’ Growth Tops 900% in Q2

Ethereum-Based Layer

The total value locked on Ethereum scaling layer 2 solutions has jumped 964% to $7.3 billion in the first quarter of 2022 compared to $686.9 million in the same period last year.

A report from Bankless shows that the activities in Arbitrum and Optimism made more than $15 million in fees on the second most valuable blockchain.

The research also shows that the circulating supply of stablecoins increased 188% to $122 billion, while the spot trading volumes on decentralized exchanges surpassed $3.9 trillion in the past year. 

Most of the stablecoin supply came from the tether, which saw an increase in supply from $50 billion to $83 billion.

The Decentralized exchanges’ volumes surged 667%, with spot trading alone rising as high as $3.9 trillion in the past year, while futures trading rose by 2,704%, from $7.4 billion to $209.1 billion.

The Daily Active Users on Ethereum registered a 4% growth which reportedly implies that most of the activities on the blockchain came from existing users.

Source: Bankless

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