The recent drop in Ethereum gas fees brings relief to users. Layer 2 solutions gain prominence, hinting at lower fees and faster transactions. Ethereum's price faces challenges at $1,900.
network have consistently maintained a steady pace, experiencing no noticeable decline since its inception. While occasional spikes have been depicted on the chart, the overall transaction volume was within the normal range.A possible reason for Ethereum’s gas price drop
The Ethereum network’s congestion and the consequent high gas prices have spurred the development of alternative Layer 2 solutions . These solutions aim to alleviate the strain on the Ethereum mainnet, thereby reducing the fees caused by congestion., L2s have gained significant traction regarding user adoption and Total Value Locked . At the time of writing, the TVL of L2s amounted to an impressive $9.51 billion, with Arbitrum and Optimism leading the market share.
The emergence of additional L2 solutions suggests the potential for lower gas fees on the Ethereum network and faster transaction processing soon.
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