Chart of the Day
The broader market is bouncing back as Evergrande fears subside. Altcoins, in general, are outperforming BTC and ETH, with leaders such as SOL and LUNA up as high as 25%. While L1 tokens thrive on new liquidity programs, L2s have not lost steam to the recent sell-off. The overall gas consumption of L2 solutions currently makes up more than 1% of total daily gas on Ethereum, proving that L2s are gaining traction. However, gas consumption alone is not an indicator of success. After all, what we are looking for in an optimal L2 solution are high throughput and an efficient on-chain footprint. Meanwhile, the chaotic launch of TIME magazine NFTs has sent gas fees soaring as high as 10 ETH per transaction — another reminder of the imperative of solving network congestion.