3 months ago
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Ethereum’s Layer 2 ecosystem has hit a new milestone, setting a record for daily transaction volume. Data also shows that Layer-2 networks now have more stablecoins than Solana and Binance Chain combined.
As Growthepie data suggests, the total daily transactions across Ethereum’s Layer 2 ecosystem on August 12 hit 12.42 million, marking the highest ever.
Reacting to the feat, Leon Waidmann, head of research at the Onchain Foundation, says this development is proof that scalability is rapidly evolving. This improved scalability may be responsible for driving user activity to its peak.
Meanwhile, Growthepie also shows that the L2 ecosystem has seen a 140% surge in daily transactions year-to-date (YTD). However, it might be worth noting that the Ethereum Layer-2 block space analytics platform only considers transactions that are executed by users or smart contracts for its counting. That is, it leaves out system transactions.
Noticeably, the Coinbase L2 blockchain Base played a prominent role in this explosive growth. Base blockchain had an incredible month in July that saw its transactions peak at over 4 million in the same month.
According to Base blockchain metrics platform Basescan, there has been a surge of no less than 700% on the network’s daily transactions. That is, within the past six months. Without a doubt, Base has grown immensely popular in 2024. However, most of this growth can be attributed to an earlier memecoin frenzy that saw token minters seek lower-cost and higher throughput chains like Base to create memecoins.
Moreover, overall throughput has also been on a high rise in recent months. According to L2beat, average transactions per second (TPS) have more than doubled in the past two months, while scaling platforms have also multiplied.
Growthepie’s data also show that layer-2 networks now have more stablecoins than Solana and Binance Chain combined. There are 150% more stablecoins on L2s than Solana and 94% more than BNB Smart Chain, per the platform.
How L1 Transactions Compare
Interestingly, there hasn’t been quite a noticeable change in the status quo with the layer-1 daily transactions on Ethereum. For the better part of this year, L1 daily transactions have settled around the 1.1 million level, according to Etherscan.
In terms of gas fees, however, L1 Ethereum may have fallen to yearly lows. This follows after the blockchain intelligence platform Arkham reported on Tuesday that Tether minted 1 billion USDT for just 53 cents.
