On August 13, Ethereum's layer 2 (L2) networks reached a record-high of 12.52 million transactions in just one day. This surge is a remarkable increase from the previous all-time high (ATH) of 11.5 million transactions set on April 4. The rise in market activity is primarily due to Coinbase's Base and Arbitrum One.
Base and Arbitrum Lead the Charge
According to growthepie, Base, a relatively new entrant into the Ethereum ecosystem, led the charge with 3.98 million transactions on the record-setting day. This performance is notable given that Base, which launched just over a year ago, has quickly become a dominant player in the space. Following closely was Arbitrum One, which recorded 1.79 million transactions on August 13. Arbitrum One, with nearly three years of operational history, has maintained a strong presence in the Ethereum L2 landscape. The prominence of both Base and Arbitrum One in driving this record transaction volume highlights their significant roles in scaling Ethereum's capabilities.
Key Metrics Among Ethereum L2s
Despite the surge in transaction counts, the fees incurred by users have experienced a dramatic decline. On August 13, the total fees paid across Ethereum L2 networks dropped to just $171,514, a stark contrast to the $4.2 million peak observed on March 5. This 96% reduction in fees reflects a broader trend of decreased costs for users, even as transaction volumes reach new records. The lower fee environment suggests that while transaction activity on L2s is increasing, the cost of transacting has become more economical, particularly in times of market volatility. This shift could further incentivize adoption and use of Ethereum's L2 solutions.
User Activity on L2 Networks
Active address metrics across Ethereum L2 networks have shown varied performance. Base, as the current frontrunner, recorded 3.25 million weekly active addresses. However, only 9.1% of this activity was cross-chain, indicating a primarily intra-network focus. Arbitrum One maintained its strong position with 1.11 million weekly active addresses. The platform's longstanding presence in the market continues to support its high user engagement levels. Linea, a newer ZK Rollup solution, demonstrated solid growth with 493,570 weekly active addresses. Notably, 43.6% of its transactions involved multi-chain interactions, highlighting its strong performance in cross-chain activities. OP Mainnet, an Optimistic Rollup, recorded 315,320 weekly active addresses, while Scroll, despite its shorter operational history of nine months, attracted 272,290 weekly active addresses. Scroll's notable feature was its high rate of multi-chain transactions, accounting for 61.4% of its activity. Lastly, zkSync Era, another ZK Rollup, reported 261,260 weekly active addresses, reflecting its growing adoption in the Ethereum L2 ecosystem.
The new record in transactions on Ethereum's layer 2 networks demonstrates significant improvements in scalability and user activity. The reduction in fees amidst growing transaction volumes makes these networks more economical, potentially driving further growth and adoption of L2 solutions.
Comments