The Ethereum Layer-2 scaling ecosystem has achieved a record-breaking daily transaction volume.
Data from Growthepie, an analytics platform for Ethereum layer-2 block space, reveals that on August 12, the total number of daily transactions across the ecosystem reached an unprecedented 12.42 million.
Leon Waidmann, head of research at the Onchain Foundation, praised this milestone on X (formerly Twitter) on August 13, noting that “scalability is improving rapidly” and “user activity is at its peak”.
Since the start of 2024, the layer-2 ecosystem has experienced a remarkable 140% increase in daily transactions. Growthepie’s figures only include user and smart contract transactions, excluding system transactions.
A significant contributor to this growth is Coinbase’s layer-2 blockchain, Base, which saw its transaction volume soar to over 4 million in late July. Metrics platform Basescan corroborates this, reporting a 700% increase in daily transactions on Base over the last six months.
As highlighted in a Cointelegraph report, Base’s rapid expansion has been fueled by a surge in memecoin activity, with token creators flocking to lower-cost, high-throughput chains for memecoin issuance.
The L2beat platform also indicates that the overall throughput of layer-2 solutions has doubled in the past two months, coinciding with an increase in scaling platforms.
Read more: CoinShares CEO Questions Profitability at Bitcoin’s $60,000 Mark
Growthepie further notes that layer-2 networks now hold more stablecoins than both Solana and Binance Chain combined, with 150% more stablecoins than Solana and 94% more than Binance Smart Chain.
In contrast, layer-1 Ethereum transactions have remained stable at around 1.1 million daily transactions throughout the year, as reported by Etherscan. Additionally, average gas fees on Ethereum’s mainnet have dropped to yearly lows, allowing Tether to mint 1 billion USDT for only 53 cents on August 13, according to blockchain intelligence firm Arkham.
Cre: cointelegraph
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