Ethereum

2024

Optimism

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<p dir="ltr">Recent data from&nbsp;<a href="https://twitter.com/intotheblock/status/1763522139469033878?s=20">IntoTheBlock</a> reveals that Ethereum L2 transaction volumes have skyrocketed by an impressive 91% since the beginning of the year. This surge underscores a growing trend of&nbsp;<a href="https://u.today/ethereum-eth-deposits-to-be-suspended-on-major-crypto-exchange-heres-why">Ethereum</a> users migrating toward layer-2 scaling solutions, drawn by the promise of faster and cheaper transactions compared to Ethereum's mainnet.</p>
<h2 id="surge-in-ethereum-l2-transaction-volumes">Surge in Ethereum L2 transaction volumes</h2>
<p dir="ltr">The data reveals compelling insights into the ecosystem of Ethereum's scaling solutions. On March 1, 2023, transaction volume for Ethereum L2 transactions from both Arbitrium and Optimism totaled approximately $700 million. Fast forward to Feb. 1, 2024, and this figure surged to $2 billion, encompassing transactions from Arbitrium, Optimism 5and&nbsp;<a href="https://u.today/base-tvl-jumps-26-in-week-whats-behind-this-move">Base</a>.&nbsp;</p>
<blockquote>
 <p lang="en" dir="ltr">Ethereum L2 transaction volumes are up 91% since the start of the year. <a href="https://t.co/XWYBCirGiq">pic.twitter.com/XWYBCirGiq</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1763522139469033878?ref_src=twsrc%5Etfw">March 1, 2024</a>
</blockquote> 
<p dir="ltr">A contributing factor to this surge is the heightened anticipation surrounding Ethereum's forthcoming&nbsp;<a href="https://u.today/ethereum-dencun-upgrade-date-confirmed-by-devs">Dencun upgrade</a>. This eagerly awaited update is anticipated to revolutionize the Ethereum ecosystem by introducing substantial gas fee reductions, enhanced storage efficiency and an improved experience for developers.&nbsp;</p>
<p dir="ltr">By effectively addressing the long-standing issue of high transaction fees on Ethereum, the Dencun upgrade is set to strengthen the cost efficiency of rollups, thereby stimulating further adoption.</p>
<h2 id="how-layer-2-networks-work">How layer-2 networks work</h2>
<p dir="ltr">The primary objective of layer-2 networks is to enhance transaction throughput by achieving higher transactions per second (TPS) while preserving decentralization and security. These networks achieve this by consolidating multiple off-chain transactions into a single layer-1 transaction, thereby reducing transaction fees.&nbsp;</p>
<p dir="ltr">Consequently, Ethereum becomes more accessible and inclusive for a broader spectrum of users, fostering greater participation and innovation within the ecosystem.</p>
<p dir="ltr">According to&nbsp;<a href="https://l2beat.com/scaling/activity?sort-by=past-day-tps&amp;sort-order=desc">data</a> from L2Beat, Ethereum has recorded an average of 14.31 TPS in the past 24 hours, with a peak of 22.70 TPS on Jan. 14, 2024. These figures emphasize the growing efficiency and scalability of layer-2 solutions, reaffirming their role in the continued evolution of the Ethereum network.</p>

Ethereum L2 Transaction Volume up 91% as Adoption Soars

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