Ethereum Layer-2 networks process record 12.4 million daily transactions
TLDR
Ethereum's Layer-2 scale ecosystem reached an all-time high of 12.42 million new daily transactions on August 12, 2024. Coinbase's L2 blockchain base has been the main driver of this growth, with transactions increasing to over 4 million per day by the end of July. Base processed more than 3.6 million transactions on August 12, compared to Arbitrum 1's 1.39 million on the same day. Layer-2 networks have more stable coins than Solana and Binance Chain combined. Base currently has the second highest Total Value Locked (TVL) in the Tier-2 position at around $6.35 billion.
Ethereum's layer-2 skating ecosystem reached a milestone on August 12, 2024, recording 12.42 million transactions in a single day.
This all-time high, reported by blockchain analytics platform Growthepie, represents a 140% increase in daily transactions since the beginning of the year.
The increase in activity is largely driven by the Coinbase-developed layer-2 blockchain, Base. By the end of July, the base daily transaction had risen above 4 million.
In the year On the record day of August 12, BASE processed more than 3.6 million transactions, significantly surpassing other Layer-2 networks such as Arbitrum One, which recorded 1.39 million transactions on the same day.
Base's growth has been impressive, with BaseScan reporting a 700% increase in daily transactions over the past six months on its Blockchain Metrics platform.
🚀 #Ethereum Layer 2s set a new record with 12.42 million transactions per day.
Elasticity is rapidly improving.
User activity is at an all-time high. #ETH's growth potential is stronger than ever. pic.twitter.com/HLaqv5a04q
– Leon Weidman | Onchain Insights🔍 (@LeonWaidmann) August 13, 2024
This explosive growth is partly due to the popularity of memecoins on the network. Token creators are drawn to Base and other layer-2 networks due to their lower costs and higher transaction volume compared to Ethereum's mainnet.
The expansion of the Layer-2 ecosystem goes beyond just transaction counts. According to Growthepie, these networks now have more stable coins than Solana and Binance Chain combined.
Specifically, layer-2 networks are 150% more stable coin than Solana and 94% more stable than BNB Smart Chain.
In terms of total value (TVL) of decentralized finance (DeFi) protocols, Base currently ranks second among Layer-2 networks at approximately $6.35 billion.
This puts it one behind Arbitrum, which is led by TVL's earnings of over $15 billion. Base's TVL increased by 3% in the 24 hours to August 13.
📈 Layer 2s have more Stablecoins than SOL and BSC combined.
+150% higher than Solana +94% higher than Binance Smart Chain using @Defillama data for BSC/SOL
More food for thought – next post 👇 pic.twitter.com/cAjQRzQgQv
— growthepie.xyz 🥧📏 (@growthepie_eth) August 13, 2024
The growth in Layer-2 activity comes as the Ethereum mainnet sees relatively stable transaction volumes. Daily transactions on Ethereum's base layer hovered around 1.1 million through most of 2024, according to data from Etherscan.
This increased Layer-2 activity has been linked to lower gas fees on the Ethereum mainnet, allowing for more efficient operations. For example, stablecoin issuer Tether managed to withdraw $1 billion on August 13 at just 53 cents.
Looking at long-term trends, Base has been one of the most active blockchains in the past month. According to L2Beat data, the network facilitated more than 111 million transactions in the last 30 days, followed by the second largest, with nearly 300 million transactions during the same period.
The meme coin sector on Base also showed significant activity. In the year As of August 13, the market cap of Base meme coins stands at over $1.2 million, while tokens such as BRETT and TOSHI have seen gains of 3% and 4% in the past 24 hours.
