Ethereum Layer-2 networks are gaining a large user base, as evidenced by new record daily transaction volumes. Among them, Base has the largest market share due to its advantages of low fees and high throughput.
Ethereum Layer-2 Hits Record 12.4 Million Transactions in a Day, Base Steals All the Spotlight
The Ethereum Layer-2 ecosystem is experiencing its most explosive moment. According to data from Growthepie , the number of transactions processed per day across the entire L2 system just hit a record of 12.42 million on September 13.
Number of transactions per day of Layer2. Source: Growthepie
The number of transactions has increased by 140% since the beginning of 2024. This impressive result is largely due to Ethereum's Dencun upgrade , which was successfully deployed in March.
One of the key proposals incorporated by Dencun is EIP-4844 , which provides a new Block generation structure called “blob” to hold transaction data from L2s.
As a result, transaction fees on L2s after Dencun have dropped dramatically, with some networks even dropping by up to 10 times. Lower fees naturally attract more users, which in turn pushes the number of transactions skyrocket.
Leon Waidmann, head of research at Onchain Foundation, commented:
🚀 #Ethereum Layer 2s has set a new record with 12.42M daily transactions.
— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) August 13, 2024
Scalability is improving rapidly.
User activity is at its peak. # ETH 's growth potential is stronger than ever. pic.twitter.com/HLaqv5a04q
"The rapidly improving scalability of Layer-2s has helped bring user activity to its peak."
More intuitively, we can see that the transaction fee on OP Mainnet yesterday, August 13, was 0.001 USD. Following that is Base 0.002 USD, Arbitrum One 0.004 USD and Linea 0.009 USD. These numbers have all decreased by nearly 99% compared to 1 year ago.
Transaction fees on Layer2 networks. Source: Growthepie
In terms of each network, Base is leading with the number of transactions processed per day up to 3.98 million transactions, accounting for nearly 32% of the entire system. This blockchain also just set a new record for the number of transactions and wallet addresses in July.
Arbitrum ranked second with 1.79 million transactions, less than half of Base. Next were OP Mainnet, Linea and Scroll with less than 1 million transactions per day.
Number of transactions on Layer2 networks. Source: Growthepie
The reason Base is taking all the "spotlight" of the L2 ecosystem right now is because of the Base memecoin fever. Because the network has low fees and high throughput, as well as being "backed" by Coinbase, Base has become the "destination" for Layer-2 memecoin projects.
Basescan also shows that daily transactions on the Base network have increased by 700% over the past six months.
According to Growthepie , Layer-2s now have more stablecoins than Solana and BNB Chain combined. The stablecoin Capital on L2 is $9.7 billion, 150% more than stablecoins on Solana and 94% more than BNB Chain.
The strong performance of Layer-2 also means that the Ethereum mainnet is not being "looked at" by users. As Coin68 reported, Ethereum Gas Price hit a 5-year Dip with each transaction costing only around 1.5 gwei. Moreover, low fees also cause ETH inflation rate to increase again.
Ethereum network Gas Price at 02:40 PM on 08/14/2024. Source: Etherscan
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