Number of transactions on Ethereum L2 networks peaks at 12,42 million per day

What’s new? The total number of transactions in the Layer 2 (L2) networks on the Ethereum blockchain reached a record high of 12,42 million on August 12. Overall, this figure for the Ethereum L2-network ecosystem has grown by 140% since the beginning of 2024.

GrowThePie data

What else is known? Much of the growth is due to activity in the L2 network Base from the American centralized crypto exchange (CEX) Coinbase. At the end of July, the daily number of transactions in it exceeded 4 million. According to the Basescan explorer, the figure has increased by more than 760% over the past six months.

Base was launched in August last year, and this year it, along with the Tier 1 blockchain Solana, has been at the epicenter of the hype around meme tokens. Users have been creating their humorous coins in Base en masse, as it offers high throughput and low fees.

Currently, the largest meme token on the Base network is Brett (BRETT), whose capitalization is $921,6 million. It is followed by Toshi (TOSHI) and Degen (DEGEN) with 66,6 million and 59,3 million respectively.

In addition, in late July, analysts at Token Terminal platform reported that the Base network hosts about 80% of the monthly active traders of decentralized crypto exchange (DEX) Uniswap, the largest in the Ethereum ecosystem.

Source: X.com

After the hard fork of the Ethereum core network called Dencun, which took place in mid-March, the reduction of commissions in L2 networks based on it amounted to up to 99%. Less than a month later, Base's developers reported that the network's speed had reached 300-400 transactions per second (TPS).

The largest Ethereum-based L2 network is Arbitrum, its total blockchain value (TVL) is $15,3 billion. Other top 5 networks include Base (6,4 billion), Optimism (5,7 billion), Blast (1,8 billion), and Mantle (1,2 billion).

According to aggregator L2Beat, the total throughput of Ethereum's L2 ecosystem has doubled in the past two months, driven by new solutions for scaling the underlying blockchain. The average TPS for L2 networks is around 320.

Several other projects for scaling the underlying blockchain are currently in the launch phase. For example, in June, the MegaETH network raised $20 million with the participation of Ethereum co-founder Vitalik Buterin, and in August, the startup for developing a high-performance network Reddio from Stanford alumnus Neil Han announced a seed round of funding led by Paradigm.

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Also, according to Growthepie, a significantly higher volume of stablecoins are circulating on Ethereum-based L2 networks compared to the Solana and BNB Smart Chain blockchains: 150% and 94% more, respectively.

Meanwhile, the number of transactions on the Ethereum core blockchain remains stable, hovering at 1,1 million per day through most of 2024, according to Etherscan explorer data. Actual throughput is less than 13 TPS. In addition, transaction fees on the core network have fallen to a one-year low.

Thanks to this, the issuer of the largest USDT stablecoin, Tether, was able to issue a billion new coins on Ethereum for just $0,53 on August 13, as reported by analysts at the Arkham Intelligence platform.

Source: X.com