- The Ethereum layer 2 ecosystem achieved a record-breaking transaction volume, surpassing 12 million transactions in a single day.
- This surge in transaction activity is largely attributed to the increased engagement with memecoins on Base L2.
- As a result of the growing adoption of layer 2 scaling solutions, gas fees on the Ethereum mainnet have decreased to single-digit levels.
Stay in the know on crypto by frequently visiting Crypto News Today
The ecosystem of Ethereum layer 2 scaling solutions has reached a record-breaking transaction volume, surpassing 12 million transactions within a 24-hour period. This significant increase in daily transaction activity is largely attributed to the rising popularity of memecoins on Coinbase’s layer 2 solution, known as Base.
Ethereum’s layer 2 solutions have achieved a record-breaking number of transactions in a single day. As reported by Growthepie, a firm specializing in Ethereum layer 2 analytics, the ecosystem saw an impressive total of 12.42 million transactions on August 12th.
On August 13th, Growthepie noted that Base accounted for over 3.6 million transactions, while Arbitrum One followed with 1.8 million transactions.
Base leads the way in Layer 2 scaling solutions by transaction volume.
Base experienced an estimated 2% rise in transaction volume between August 12th and August 13th. In contrast, Arbitrum saw a significant drop of 13.8% in transaction activity during the same period. Base serves as Coinbase’s layer 2 scaling solution.
Leon Waidmann, the Head of Research at OnchainHQ, recognized the swift expansion of Ethereum’s layer 2 ecosystem, noting that this growth indicated substantial improvements in scalability on the mainnet and highlighted a peak in user engagement.
Since its inception less than a year ago, Base has experienced remarkable growth, consistently surpassing Arbitrum in performance since early July. On July 27th, Base achieved a remarkable milestone with nearly 4 million transactions recorded in a single day.
According to the latest statistics from the Ethereum blockchain layer 2 explorer L2Beat, Arbitrum and Base are the foremost layer 2 scaling solutions on the Ethereum mainnet, evaluated by the total value locked (TVL) metric. Arbitrum leads with a TVL of $15.3 billion, while Base follows with a TVL of $6.38 billion.
Additionally, Growthepie has reported a substantial 140% rise in daily transactions within the layer 2 ecosystem since the start of the year. It is crucial to highlight that Growthepie’s data encompasses transactions carried out by both smart contracts and users, excluding system transactions from the total count.
The Ethereum Layer 2 ecosystem contains a greater amount of stablecoins than the total found in both Solana and Binance Smart Chain combined
The L2 explorer has indicated that the layer 2 ecosystem on Ethereum possesses a greater amount of stablecoin holdings than the combined totals of the Solana and Binance Smart Chain networks. As reported by Growthepie, this ecosystem boasts a stablecoin market capitalization of $9.7 billion, representing an increase of 150% over Solana and 94% over Binance Smart Chain.
The surge in transaction volume has been largely attributed to the significant activity surrounding memecoins on the Base platform. This platform has provided token minters with favorable conditions, including reduced minting costs and enhanced throughput capabilities, facilitating the minting of memecoins.
The increasing adoption of layer 2 solutions on the Ethereum network has significantly influenced the gas fees associated with layer 1 transactions on the mainnet. Throughout most of the year, the volume of layer 1 transactions has remained relatively consistent, hovering around 1 million, as reported by the Ethereum blockchain explorer Etherscan.
In contrast, gas fees have plummeted to their lowest levels in four years, reaching single-digit figures. Recently, Ethereum users have experienced gas fees as low as 1 gwei, equating to approximately $0.007, a rarity since fees typically do not dip below 10 gwei. Analysts suggest that these reduced gas fees may be temporary and could revert to higher levels in the near future.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
