Ethereum

Arbitrum

Base

Optimism

Read

<div class="cryptonews">
 <p class="is-style-lead">As more layer-2 solutions emerge, Ethereum is losing its dominance as the main network for on-chain activities.</p>
 <p>Activity across layer-2 networks is booming as <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a> on these products <a rel="noopener noreferrer nofollow" title="accounted" href="https://thebittimes.com/tag/accounted.html">accounted</a> for more than 60% of all Ethereum <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> in Q3, 2023. According to data from Messari, Coinbase’s Base network in a moment was doing “more <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a> than Ethereum Mainnet.”</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14202150">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/10/261000aac2ab4db38bff65db0228ad12.webp.webp">
   <img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/10/10/261000aac2ab4db38bff65db0228ad12.webp" alt="Layer-2 transactions accounted for over 60% of all Ethereum activity in Q3 - 1"> 
  </picture>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span>
 </div>
 <p>As per Messari’s calculations, other layer-2 networks saw a lot of growth over the past quarter as well, with Optimism seeing a 40% increase in transactions. However, this surge of activity also had side effects for the others:</p>
 <blockquote class="wp-block-quote">
  <p>“It does appear that Base and Optimism cannibalized some of the activity on Arbitrum, where transactions fell by 36%”</p>
  <p>Messari</p>
 </blockquote>
 <p>Nonetheless, Arbitrum is still on top among other layer-2 networks with 600,000 average daily <a rel="noopener noreferrer nofollow" title="transactions" href="https://thebittimes.com/tag/transactions.html">transactions</a>, compared to 400,000 for Optimism and Base, the firm pointed out.</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14202156">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/10/d30d47e89f86d0f72956c5dc9e446e68.webp.webp">
   <img decoding="async" width="1024" height="209" src="https://cdn.thebittimes.com/images/2023/10/10/d30d47e89f86d0f72956c5dc9e446e68.webp" alt="Layer-2 transactions accounted for over 60% of all Ethereum activity in Q3 - 2"> 
  </picture>
  <figcaption class="wp-element-caption">
   Chart of all funds locked on Ethereum-based layer-2 networks | Source: l2beat.com
  </figcaption>
 </figure>
 <p>According to L2BEAT data, Arbitrum is also the largest layer-2 network in terms of total value as more than $5.7 billion worth of crypto locked in it, representing a 54.4% market share among other rollups. Despite the surge of <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a>, the total value locked in decentralized finance (defi) protocols has been steadily declining since March 2023. As per DefiLlama, defi protocols currently have around $37.6 billion in liquidity, a level last seen in February 2021.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span>
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/layer-2-transactions-accounted-for-over-60-of-all-ethereum-activity-in-q3-tbt65824.html">https://thebittimes.com/layer-2-transactions-accounted-for-over-60-of-all-ethereum-activity-in-q3-tbt65824.html</a></p>

Layer-2 transactions accounted for over 60% of all Ethereum activity in Q3

TheBitTimes

Other articles published on Oct 10, 2023

Ethereum’s bull run at risk? Inside ETH whales’ $8 billion sell-off

Web3 May Finally Be Getting The Attention It Requires to Grow

3 Things Every Bull Run Has in Common

TokenPocket partners with Arken

Bitstamp’s Big Move: Partnering with Three European Banking Giants

Binance Introduces Copy Trading Feature for Futures Products

Join our free newsletter for daily crypto updates!