Ethereum L2 ecosystem set new record with 12.42M daily transactions
The Layer 2 networks within the Ethereum framework are witnessing a surge of activity. Recent figures indicate that these networks have achieved a historic high in terms of daily transaction volumes.
Remarkably, these networks now possess a greater quantity of stablecoins than the combined holdings of Solana and the Binance Chain.
Based on the data gathered by Growthepie, the Ethereum Layer 2 networks saw an unprecedented 12.42 million transactions on August 12, establishing a new record.
Leon Waidmann, the research lead at the Onchain Foundation, reflected on this achievement, noting that it underscores the swift progress in scalability, which could potentially elevate user interaction to unprecedented levels.
Growthepie also observed a year-to-date surge of 140% in daily transactions within the Layer 2 ecosystem. It's crucial to note that this analysis solely accounts for transactions initiated by users or smart contracts, leaving out system-related transactions.
The Base blockchain, nurtured by Coinbase, has been pivotal to this uptick, recording over 4 million transactions in July alone. This number has slightly decreased to 3.6 million, yet Base has consistently outshined Arbitrum, leading the charge as the Ethereum Layer 2 network with the highest transaction volume since the beginning of July.
As of now, Arbitrum's transaction count is over 1.85 million, with Optimism trailing at approximately 476k transactions.
Additional insights from Growthepie highlight that the Layer 2 networks under Ethereum now boast a higher quantity of stablecoins compared to Solana and the Binance Chain, holding 150% more than Solana and 94% more than BSC. These networks are also leading in terms of unique wallet interactions, with active addresses surpassing Solana's by more than 4% based on a 7-day rolling average.
This uptick in stablecoin reserves and wallet engagements points towards an increasing confidence in Layer 2 solutions.
