As a seasoned researcher with years of experience in the cryptocurrency space, I must say that the recent surge in daily transactions across Ethereum’s Layer 2 ecosystem is nothing short of astonishing. The rapid growth and improved scalability are clear indicators that we are witnessing a significant evolution in blockchain technology.
According to Growthepie’s data, Ethereum‘s Layer 2 network processed a record-breaking 12.42 million transactions in a single day on August 12.
As a researcher, I’m thrilled about the recent development. Speaking as the one leading the team at the Onchain Foundation, I can confidently say that this advancement underscores the swift evolution of scalability in our field. This enhancement could potentially be the key factor propelling user activity to unprecedented highs.
Additionally, Growthepie data indicates a significant 140% increase in daily transactions within the L2 ecosystem so far this year. It’s important to mention that the Ethereum Layer-2 block space analytics platform focuses on transactions initiated by users or smart contracts. Consequently, it excludes system transactions from its calculation.
It’s clear that Coinbase L2 blockchain, notably referred to as ‘Base’, significantly contributed to the recent surge in growth. Remarkably, during July alone, ‘Base’ blockchain hit a transaction high of more than 4 million.
Based on data from the blockchain analytics platform Basescan, daily transactions on the network have skyrocketed by a staggering 700% over the past six months. This significant increase in activity suggests that Base has gained considerable popularity this year. However, it’s important to note that much of this growth can be linked back to a memecoin craze earlier in 2024, during which token creators flocked towards cheaper and more efficient blockchains like Base to mint their own memecoins.
In addition, it’s worth noting that the overall performance, particularly the number of transactions processed each second, has significantly increased over the last couple of months. As reported by L2beat, the average transactions per second (TPS) rate has nearly doubled in the past two months. Furthermore, scaling platforms have also seen a noticeable increase.
As a researcher delving into the intricacies of blockchain networks, I’ve uncovered an interesting finding: Layer-2 networks are currently housing a staggering 150% more stablecoins than Solana and an impressive 94% more than Binance Smart Chain combined. This data from Growthepie underscores the growing significance of these layer-2 networks in the crypto ecosystem.
How L1 Transactions Compare
It’s worth noting that the number of daily transactions on Ethereum’s layer-1 hasn’t shown a significant change this year. On average, it hovers around the 1.1 million mark as per Etherscan data.
Regarding gas costs, it’s worth noting that the cost on the Ethereum blockchain (Layer 1) has dropped to its lowest point this year. This decrease follows a report by the blockchain intelligence platform Arkham, who stated on Tuesday that Tether minted one billion USDT for only 53 cents.
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2024-08-14 12:18