Ethereum

Stablecoin

Base

Optimism

Daily

Ethereum’s Layer 2s are bustling with activity. The latest data suggest that the ecosystem has reached a new record for daily transaction volume. 
In fact, these networks were also found to hold now more stablecoins than Solana and Binance Chain combined. 
<h2 id="ethereum-layer-2-ecosystem-growth">Ethereum Layer 2 Ecosystem Growth</h2> 
According to the <a href="https://www.growthepie.xyz/fundamentals/transaction-count" target="_blank" rel="noopener" data-wpel-link="external">stats</a> compiled by Growthepie, the daily transactions across Ethereum’s Layer 2 ecosystem reached 12.42 million on August 12, setting a new peak. 
Weighing on the new milestone, Leon Waidmann, head of research at the Onchain Foundation, also <a href="https://x.com/LeonWaidmann/status/1823379437590917275" target="_blank" rel="noopener" data-wpel-link="external">said</a> that the figure highlights the rapid advancements in scalability, potentially driving user engagement to new heights. 
Furthermore, Growthepie reported a 140% increase in daily transactions in the Layer 2 ecosystem year-to-date. It’s important to note that the analytics platform only includes user- or smart contract-executed transactions, excluding system transactions. 
The Coinbase-incubated Layer 2 blockchain, Base, significantly contributed to this growth, <a href="https://x.com/routescan_io/status/1823665355102822677" target="_blank" rel="noopener" data-wpel-link="external">surpassing</a> 4 million transactions in July alone. This figure has now come down to 3.6 million, but Base has consistently managed to outperform Arbitrum, becoming the Ethereum Layer 2 network with the most transactions since early July. 
Currently, Arbitrum’s transaction figure stands above 1.85 million followed by Optimism with around $476k. 
<h2 id="stablecoin-and-wallet-activity">Stablecoin and Wallet Activity</h2> 
Growthepie further <a href="https://x.com/growthepie_eth/status/1823332420319363367" target="_blank" rel="noopener" data-wpel-link="external">revealed</a> the Layer 2 networks in the Ethereum ecosystem now surpass both Solana and Binance Chain in stablecoin holdings, with 150% more stablecoins than Solana and 94% more than BSC. Additionally, Layer 2s are also showing an edge in unique wallet activity, boasting over 4% more active addresses than Solana on a 7-day rolling average. 
This combination of a larger stablecoin supply and increased wallet activity suggests a growing trust in L2 solutions. 
These findings raise questions about investor sentiment and whether they are potentially overvaluing Solana or undervaluing L2s. Interestingly, Layer 2’s Fully Diluted Valuation (FDV) peaked around the time of EIP 4844, reaching nearly $95 billion – exceeding Solana’s FDV at the time – but has since decreased to $31 billion, now smaller than Solana’s. 
The post <a href="https://cryptopotato.com/ethereum-layer-2-networks-set-new-record-with-12-42m-daily-transactions/" rel="nofollow">Ethereum Layer 2 Networks Set New Record with 12.42M Daily Transactions</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Ethereum Layer 2 Networks Set New Record with 12.42M Daily Transactions

Table of Contents

CryptoPotato_News

Other articles published on Aug 14, 2024

Embrace the Qubetics Whitelist and Transform Your Financial Future as You Explore TON and AAVE

Crypto Trading Platform ezBtc Allegedly Diverted $9.5M Customer Funds to Gambling Sites

Goldman Sachs Expands Crypto Exposure with Major Bitcoin ETF Investments

VALR Opens Euro Deposits Via Wire Transfer, Lists Circle’s EURO Coin (EURC)

Double Listing News Came for This Altcoin! Price Started to Rise!

Bitcoin Miners Increase Network Capacity Despite Price Drop

Join our free newsletter for daily crypto updates!