It rises to 61% of all transactions; EthereumLayer-2 networks were home to the largest share of activity in the third quarter, according to Messari's latest State of Ethereum report. Report.
Kunal GoelMessari's senior research analyst wrote that the upheaval was caused by the explosive launch of Basemining—which briefly surpassed the number of transactions on Ethereum's mainnet—with its expected popularity. Friend. Tech Social token platform.
Goel said he was rightly caught up in the said alliance. “What's amazing is the rapid growth of the base and how just one application can change things for any blockchain,” he said. Decrypt.
New chains can “suffer from a cold start” but thanks to the base, Friend.tech has helped many users and funds. “Users need developers to build great apps, and developers need users to launch apps,” Goel said, adding, “It's great that Basefriend.Tech has chosen to launch it.”
But the analyst is cautious. It's still a bear market, and interest and enthusiasm across the board is low.
Powered by Coinbase, basis It has shown impressive growth since its launch in early August. Reports Total Value Locked (TVL) $448 million, per A Dunn Dashboard On 21.co. This puts it firmly in the top four layer-2 solutions behind Arbitrum, Optimism and zkSync Era.
Decision It continues to be widely used by Ethereum users, with 600,000 average daily transactions, giving it a 200,000 margin over its main competitors, as noted by Messari: Base and Optimism. Goel wrote that these two “cannibalized” Arbitrum's network activity, with transactions down 36 percent in the third quarter.
21.co's Dune Dashboard shows significant leadership for Arbitrum in terms of TVL. The $4.22 billion was nearly three times that of Optimism, which came in second place, at $1.27 billion. That said, there were both Copying Their market capitalization is late, and according to Coingecko, the former leads with a margin of 30 million dollars, currently sits at 1.067 billion dollars.
According to Goel, it's no surprise that Layer-2s is at the forefront of marketing. he said. Decrypt “The long-term view is always that L2 transactions will surpass Ethereum,” he said.
The view echoed Eliezer Ninga, Head of Research for 21.co. he said. Decrypt His company predicted this would be the trend because “blockchains are very limited in size.”
As Ndinga explains, these scaling solutions “are similar to how the Internet has pushed the limits of bandwidth possible since the dial-up era, when websites took minutes to load on a web browser.”
The analyst calls these Layer-2s “perceived power,” especially as “prominent financial institutions” begin to use the technology.
What Goel revealed today has him bullied–as does the Ethereum community at large. “The higher the activity on L2, the higher their market potential, the higher the security they want from Ethereum and the higher the demand for Ethereum's data delivery service,” he said. Decrypt.
He also shared what the “big thing” to watch is: how cheap it can get after L2s Upgrade your deckAnd if you “get cheap once”, how many more activities will you see.
“My long-term view is that all DEX transactions should move to L2s, as lower transaction fees will greatly help with high-speed transactions,” he concluded.
