AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
Despite the fundamental change in fee structure, the average gas fee on Ethereum is back to levels last seen in mid-May, hovering near 110 gwei with occasional spikes to 3,000 gwei on Sept. 9. The NFT mania is no doubt the primary force behind this surge in transactions fees and the “culprit” in causing massive network congestion. At the moment, L2 is probably the best scaling solution for Ethereum, but market participants are on the lookout for alternative networks for DeFi projects and NFT minting. Consequently, non-Ethereum public chains have been gaining traction, as evidenced by the surge in total value locked (TVL) across various networks. The TVL on Solana, for instance, has surpassed Terra and Polygon (the May favorite), and currently stands at $7.86 billion. Coincidentally (or not), its native token, SOL, tops the L1 token leaderboard with a stellar performance.