Ethereum Daily Transaction Fees Have Dropped To $2.8 Million, Lowest In 8 Months Due To The Growth Of Layer 2

Ethereum transaction fees on August 27, 2023 were 1,719 ETH ($2.8 million), lowest since December 26, 2022.

The decline in volume of Ethereum transactions fees come from the growth of layer 2 Ethereum scaling solutions. There have been less pending transactions on Ethereum mainnet because layer 2 offloading transactions from layer 1. Layer 2 offer both faster and cheaper transaction cost and they have functionality to connect with Ethereum mainnet.

Top 3 Layer 2 Tokens

Polygon (MATIC)

Total Value Locked

Polygon PoS: $782.27 million.

Polygon zkEVM: $24.28 million.

Market cap: $5.424 billion.

Fully diluted market cap: $5.825 billion.

Arbitrum (ARB)

Totoal Value Locked: $1.736 billion.

Market cap: $1.228 billion.

Fully diluted market cap: $9.584 billion.

Optimism (OP)

Totoal Value Locked

OP Mainnet: $709.24 million.

Base: $198.05 million.

Market cap: $1.059 billion.

Fully diluted market cap: $6.345 billion.

As of August 30, 2023.