Ethereum and layer-2 addresses surge 127% this year — Glassnode

Onchain activity has been rapidly increasing in 2024, with blockchain networks like Ethereum posting significant growth in terms of the size of its user base and other factors.

According to the report, the rise of onchain activity on Ethereum and L2s in the first half of 2024 was spurred by large pickups in activity on leading L2s.

What are L2s?

These L2 solutions enable low-cost transactions to be processed after validation on parallel blockchains, with records being transferred to the main blockchain to ensure immutable recording.

User growth on L2s outstripped growth on Ethereum

Amid rapid development of new, faster and cheaper L2s, user growth on L2 blockchains has significantly outperformed growth on Ethereum, according to Coinbase and Growthepie.

According to the report, the number of Ethereum and L2 transactions increased by 59% in Q2 2024, with most of the growth occurring on L2s.

“The move onchain is driven by a variety of use cases, from lending to staking to trading, and we expect to see adoption grow as existing use cases mature and innovative new ones take hold,” the study authors wrote.

While Ethereum has recorded a notable onchain activity spike, crypto users were less active with Bitcoin in Q2 2024, according to the report.

As such, the average number of daily active Bitcoin addresses fell 20% in Q2 2024, while the average number of daily active entities fell 16%, the study mentioned.