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Our analysis of the situation
Ethereum’s Layer 2 technology is making waves in the blockchain world, breaking records and setting new standards for scalability. August 12th marked a historic day as the total daily transactions across Ethereum’s Layer 2 ecosystem skyrocketed to an unprecedented 12.42 million, a remarkable achievement that underscores the rapid evolution of blockchain scalability.
Leon Waidmann, head of research at the Onchain Foundation, lauded this milestone as proof that scalability is advancing at a lightning pace. The surge in daily transactions, which has seen a staggering 140% year-to-date increase, reflects the growing user activity within the Layer 2 ecosystem.
Notably, the Coinbase L2 blockchain Base played a pivotal role in this explosive growth, witnessing a phenomenal surge of over 700% in daily transactions within the last six months. Base's meteoric rise in popularity can be attributed to various factors, including the memecoin frenzy that prompted token minters to seek out low-cost and high-throughput chains like Base for creating memecoins.
Moreover, layer-2 networks now boast more stablecoins than Solana and Binance Chain combined, with a 150% increase compared to Solana and a 94% increase compared to BNB Smart Chain. The average transactions per second (TPS) have more than doubled in the past two months, showcasing the substantial expansion of scaling platforms.
While Layer 2 technologies soar to new heights, Ethereum’s Layer 1 transactions have remained relatively stable, hovering around 1.1 million daily transactions. On the bright side, L1 Ethereum’s gas fees have hit yearly lows, as demonstrated by Tether minting 1 billion USDT for a mere 53 cents, reported by the blockchain intelligence platform Arkham.
With groundbreaking achievements in scalability and an unprecedented surge in user activity, Ethereum’s Layer 2 is not just making history, but shaping the future of blockchain technology. As layer-2 networks continue to innovate and thrive, the horizon of possibilities for blockchain technology is boundless.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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