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<ul> 
 <li>Ethereum’s 2023 shift to Layer 2 tackles scalability, spurring user engagement.</li> 
 <li>L2 surge driven by Arbitrum’s airdrop anticipation fuels Ethereum’s transformation.</li> 
 <li>Coinbase’s Base and friend.tech app contribute to Ethereum’s Layer 2 success.</li> 
</ul> 
<p>In a pivotal shift during 2023, Ethereum embraced Layer 2 solutions (L2s) to tackle scalability issues, revolutionizing the blockchain landscape. This strategic move marked a transformative year for Ethereum, mitigating challenges associated with high transaction fees and network congestion.</p> 
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   <p lang="en" dir="ltr">In 2023, activity on Ethereum has increasingly moved to L2s, with L2 transactions increasing by 90x compared to 2021 <a href="https://t.co/FhWJ1WG2ju">pic.twitter.com/FhWJ1WG2ju</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1741006389139353897?ref_src=twsrc%5Etfw">December 30, 2023</a>
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<p>The average transaction fee on Ethereum’s Layer 1 network skyrocketed to $196 by May 2022, causing concerns about affordability and transaction speed. Layer 2 solutions, introduced to process transactions separately before consolidating and transmitting them to the Ethereum main network, provided an effective remedy.</p> 
<p><a href="https://cryptonewsland.com/vitalik-buterin-proposes-ethereum-pos-enhancement-for-efficiency/" target="_blank" rel="noreferrer noopener">Ethereum’s transition to the proof-of-stake (PoS)</a> consensus mechanism, known as the Merge, in September 2022 further fueled network demand. The year 2023 witnessed an unprecedented surge in demand for L2 scaling solutions, as monthly gas fees spent on settling activities on the Ethereum base layer soared by 138% between February and March.&nbsp;</p> 
<p>This surge, driven by the anticipation of Arbitrum’s ARB token airdrop, culminated in a record 2.73 million daily transactions on the L2, marking the year’s highest single-day count. Despite market fluctuations in the first half of the year, L2 sector gas fees continued to rise, indicating increased user engagement and retention.</p> 
<p>Monthly gas fees for settling L2 activity on the Ethereum mainnet between March and September surged by 108% to 527 billion GWEI. The launch of Coinbase’s scaling solution, Base, in August, brought a fresh wave of users into the L2 ecosystem, surpassing the activity of existing protocols like <a href="https://arbitrum.io/" target="_blank" rel="noreferrer noopener nofollow">Arbitrum</a> and <a href="https://www.optimism.io/" target="_blank" rel="noreferrer noopener nofollow">Optimism</a>.</p> 
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   <p lang="en" dir="ltr">In just 2 months, Coinbase's Base L2 has skyrocketed, topping the charts in transactions and unique addresses. Much of this growth is fueled by the new social app, FriendTech. <a href="https://t.co/CdVrTcFqot">pic.twitter.com/CdVrTcFqot</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1703076937139191870?ref_src=twsrc%5Etfw">September 16, 2023</a>
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<p>Base’s decentralized social app, friend.tech, allowed users to trade tokenized shares of crypto-personalities, experiencing a surge in popularity with over 350,<a href="https://cryptonewsland.com/cathie-wood-remains-confident-bitcoins-potential-to-reach-1000000-by-2030/">000</a> monthly active addresses by September.</p> 
<p>As 2023 concludes on a positive note with a general market uptrend, Ethereum’s L2 ecosystem is poised for further growth in 2024, building upon the successes and innovations of the past year. Optimism and <a href="https://cryptonewsland.com/arbitrums-remarkable-surge-sets-the-stage-for-2024-partnerships/" target="_blank" rel="noreferrer noopener">Arbitrum, experiencing growth</a> in Total Value Locked (TVL) in the DeFi sector, set the stage for a promising year ahead.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/coinbase-set-to-reshape-crypto-landscape-with-l2-solution-base/">Coinbase Set to Reshape Crypto Landscape with L2 Solution Base</a></li>
 <li><a href="https://cryptonewsland.com/kraken-may-launch-own-blockchain-l2-network-following-coinbases-success/">Kraken May Launch Own Blockchain L2 Network Following Coinbase’s Success</a></li>
 <li><a href="https://cryptonewsland.com/coinbases-base-l2-network-roadmap-no-token-issuance/">Coinbase’s Base L2 Network Roadmap: No Token Issuance</a></li>
 <li><a href="https://cryptonewsland.com/arbitrums-remarkable-surge-sets-the-stage-for-2024-partnerships/">Arbitrum’s Remarkable Surge Sets the Stage for 2024 Partnerships</a></li>
 <li><a href="https://cryptonewsland.com/arbitrums-41-5-million-grant-program-fuels-competition-in-layer-2-space/">Arbitrum’s $41.5 Million Grant Program Fuels Competition in Layer 2 Space</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/layer-2-solutions-optimism-and-arbitrum-see-remarkable-adoption/">Layer 2 Solutions Optimism and Arbitrum See Remarkable Adoption</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Layer 2 Solutions Optimism and Arbitrum See Remarkable Adoption

Crypto News Land

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