Ethereum bridges have a total value of over $15 billion. As Layer-1 and Layer-2 scaling systems are vying for supremacy on the Ethereum network, Polygon takes the lead. Polygon Network, a layer-2 solution that connects Ethereum to other blockchains, has suggested that validators increase transaction fees to combat the current increase in spam transactions.
A 2900 % increase in fees has reduced Polygon’s daily average transaction volume by half to 3 million but, the company has maintained its lead over Arbitrum and Optimism in terms of total Ethereum bridge value despite the drop. According to data from crypto analytics company Dune Analytics, all Ethereum bridges’ TVL is $14.75 billion,
Polygon needed to increase its gas prices to protect the network from black hats. It guarantees the platform’s long-term viability and health. Despite the fee increase, the network’s dominance has not changed; traders anticipate MATIC’s price to rise.