Ethereum

2024

Arbitrum

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-and-layer-2-networks-see-rapid-growth-in-2024/" data-wpel-link="internal">Ethereum and Layer-2 Networks See Rapid Growth in 2024</a> 
Onchain participation is rapidly increasing in 2024, with blockchain networks like <a href="https://en.coin-turk.com/ethereums-eth-price-trades-27-below-its-real-value/" data-wpel-link="internal">Ethereum</a> showing significant growth in user base size and other factors. According to research, the increase in on-chain activity on Ethereum and Layer-2 networks in the first half of 2024 was driven by significant increases in activity on leading Layer-2 networks. 
<h2 class="p1" style="text-align: justify" id="intense-interest-in-the-web3-space-continues">Intense Interest in the Web3 Space Continues</h2> 
Ethereum or Layer-2 network-based blockchain ecosystems aim to keep network commissions and fees low for the Layer-1 or Ethereum network while speeding up the transaction process. 
These Layer-2 solutions allow low-cost transactions to be processed after validation on parallel blockchain networks by transferring records to the main blockchain network to provide immutable records. According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from Ethereum analysis platform Growthepie, Linea, Base, and Arbitrum were the top three Layer-2 networks with a total of 1.8 million daily active addresses at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373894 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/layer.webp" alt="" width="1010" height="566"> 
In May 2024, Ethereum co-founder Vitalik Buterin claimed that Ethereum Layer-2 networks had become the ultimate playground for institutional profit-driven groups and individuals purchasing assets like NFTs. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
According to Coinbase and Glassnode, with the rapid development of new, faster, and cheaper Layer-2 networks, the increase in users on Layer-2 blockchain networks has significantly outpaced growth on Ethereum. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-373893 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/l2-veri.webp" alt="" width="983" height="658"> 
The report states that the number of Ethereum and Layer-2 transactions increased by 59% in the second quarter of 2024, with most of the growth occurring on Layer-2s. The study included the following statements on the subject: 
<blockquote> 
 “On-chain data is driven by various use cases, from lending to staking and trading, and we expect adoption to increase as current use cases mature and innovative new ones emerge.” 
</blockquote> 
Additionally, while the number of transactions increased by 59%, total transaction fees on Ethereum decreased by 58% in the second quarter of 2024. The drop in network fees came after Ethereum’s Dencun upgrade in March 2024, which significantly reduced transaction fees. 
According to the report, while Ethereum recorded a significant increase in on-chain activity, crypto users were less active with Bitcoin in the second quarter of 2024. As a result, the average number of daily active Bitcoin addresses fell by 20%, and the average number of daily active assets fell by 16% in the second quarter of 2024. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-and-layer-2-networks-see-rapid-growth-in-2024/" data-wpel-link="internal">Ethereum and Layer-2 Networks See Rapid Growth in 2024</a></h5>
The post <a href="https://en.coin-turk.com/ethereum-and-layer-2-networks-see-rapid-growth-in-2024/" data-wpel-link="internal">Ethereum and Layer-2 Networks See Rapid Growth in 2024</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Ethereum and Layer-2 Networks See Rapid Growth in 2024

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