On-chain information analytics platform Growthepie has revealed that the Ethereum Layer 1 blockchain has collected over $1.67 billion in gasoline charges from DeFi, accounting for over 30% of all of the charges collected from all DeFi ecosystems. Base, ZKsync Period, and Arbitrum One are the chains taking the 2nd, third, and 4th place after Ethereum, having collected $39.53 million, $37.69 million, and $34.60 million in DeFi charges, respectively.
The information additionally indicated that Ethereum Layer 1 remains to be main in weekly DeFi charges, accumulating a bit of over $1 million. Base and Arbitrum One are the 2nd and third chains in weekly charges, accumulating over $179,000 and $22,000, respectively. The Ethereum on-chain information platform highlighted the huge hole between Ethereum and different chains by way of charges.
The chain remains to be considerably decrease from its each day DeFi payment highs recorded in Might 2023 and March 2024. Ethereum has recorded a bit of over $170,000 in each day DeFi charges as of February 15, decrease than its highs of over $11 million in Might 2023. Growthepie additionally highlighted that the opposite chains are additionally down considerably, with most posting zero each day charges whereas some managed just a few thousand {dollars} in charges.
The information additional revealed that Ethereum CeFi transaction charges are considerably decrease than DeFi charges, with all-time CeFi charges standing at a bit of over $635 million. Weekly CeFi transaction charges on Ethereum Layer 1 are nonetheless increased than DeFi weekly charges on the chain, standing at a bit of over $1.9 million as of February 15.
The DeFi transaction rely on Ethereum Layer 1 is notably decrease than Base, ZKsync Period, and Arbitrum One, standing at a bit of over 149 million all-time transactions. Base has recorded over 352 million all-time DeFi transactions, whereas ZKsync Period and Arbitrum One have recorded over 150 million and 155 million transactions, respectively.
Vitalik Buterin advocates for Ethereum Layer 1 dominance in DeFi
Causes to have increased L1 gasoline limits even in an L2-heavy Ethereumhttps://t.co/BMFhzoO8bE
— vitalik.eth (@VitalikButerin) February 14, 2025
The Ethereum co-founder Vitalik Buterin just lately launched a proposal suggesting the scaling of Ethereum Layer 1 10 occasions extra amid the slowing exercise on the bottom layer. Buterin defined the necessity for extra scaling to help over 120 million Ethereum customers weekly. The Ethereum co-founder added that the scaling would decrease Ethereum’s gasoline charges, enhance the community’s safety, and introduce rollups help.
Buterin additionally expressed concern about potential censorship on Layer 2s, particularly when the chains are congested. The blockchain’s co-founder defined that centralized sequencers worsened L2 censorship. The scaling proposal steered force-inclusion mechanisms that will permit customers to shift to the bottom layer and full transactions in case of censorship. Buterin confirmed that the mechanism would additionally permit huge exit occasions with out crippling gasoline charges.
The proposal additionally steered a continued enhance in Ethereum’s base layer gasoline limits. Buterin identified the latest enhance in gasoline limits from 30 million to 36 million. The Ethereum co-founder nonetheless identified the problems which may are available the long run, together with the problem in decreasing the gasoline restrict in comparison with rising the restrict.
Ethereum Layer 2 going through scalability points
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Buterin’s suggestion to scale up Ethereum Layer 1 comes amid the chain’s Layer 2 struggles, together with reducing gasoline charges and customers. On-chain information has revealed that Ethereum Layer 2 gasoline charges had dropped beneath 1 Gwei, the bottom it has been in 5 years. The low charges additional indicated the dwindling on-chain exercise on the chain’s Layer 2s.
A latest interview with Alliance DAO’s Qiao Wang on The Good Recreation podcast revealed that he had misplaced religion within the capabilities of Ethereum L2s. The Alliance DAO co-founder additional highlighted that protocols carried out higher on different chains than Ethereum. Wang insisted that it will be wiser for builders to construct on Solana slightly than Ethereum.
The Alliance DAO co-founder nonetheless talked about that the blockchain’s scalability remained a problem regardless of its robust ecosystem. Wang additionally defined that present customers have been relying on the chain as a result of ‘they’ve been in it for too lengthy.’ The DeFi protocol’s govt mentioned that the problems on the blockchain led to him shifting to different choices.
