Ethereum

Solana

Base

Ethereum’s layer-2 scaling ecosystem has just reached a new daily transaction all-time high.
According to <a href="https://www.growthepie.xyz/fundamentals/transaction-count" text="null" title="null" rel="noopener noreferrer nofollow">data</a> from Growthepie, an Ethereum layer-2 block space analytics platform, aggregated daily transactions across the scaling ecosystem hit a record 12.42 million on Aug. 12.&nbsp;
Leon Waidmann, head of research at the Onchain Foundation, <a href="https://x.com/LeonWaidmann/status/1823379437590917275" text="null" title="null" rel="noopener noreferrer nofollow">commented</a> on the milestone in a post on X on Aug. 13, stating that “scalability is improving rapidly” and “user activity is at its peak.
According to the platform, the <a href="https://cointelegraph.com/news/ethereum-layer-2-one-trillion-market-cap-2030-van-eck" text="null" title="null" rel="noopener noreferrer nofollow">L2 ecosystem</a> has seen a 140% increase in daily transactions since the beginning of 2024.&nbsp;
Growthepie only counts transactions that are executed by users or <a href="https://cointelegraph.com/explained/how-to-use-blockchain-and-smart-contracts-in-procurement" text="null" title="null" rel="noopener noreferrer nofollow">smart contracts</a> and does not include system transactions.
The <a href="https://cointelegraph.com/news/coinbase-base-hosts-80-percent-active-uniswap-traders-token-terminal" text="null" title="null" rel="noopener noreferrer nofollow">growth</a> has been primarily driven by the Coinbase L2 blockchain Base, which saw transactions surge to a peak of more than 4 million in late July.&nbsp;
<figure><img alt="Ethereum L2 ecosystem processes a record 12.4M transactions in a day" name="" src="https://s3.cointelegraph.com/uploads/2024-08/GU3v1F4bgAAbaBl">
 <figcaption style="text-align: center;">
 Ethereum L2 daily transactions. Source: Growthepie
 </figcaption>
</figure>
Base blockchain metrics platform Basescan confirms the data reporting that daily transactions on the network have surged 700% over the past six months.
According to a Cointelegraph <a href="https://cointelegraph.com/news/coinbase-network-base-tvl-doubles-month-memecoins-drive-adoption" text="null" title="null" rel="noopener noreferrer nofollow">report</a> earlier this year, the explosive growth for Base has been driven by memecoin mania as token minters flocked to lower-cost and higher throughput chains to create memecoins.&nbsp;
Scaling industry metrics platform L2beat <a href="https://l2beat.com/scaling/activity" text="null" title="null" rel="noopener noreferrer nofollow">reports</a> that overall throughput has also surged recently, with average TPS (transactions per second) doubling over the past two months as the number of scaling platforms has increased.
<figure><img alt="Ethereum L2 ecosystem processes a record 12.4M transactions in a day" name="" src="https://s3.cointelegraph.com/uploads/2024-08/l2beat">
 <figcaption style="text-align: center;">
 L2 activity over one year. Source: L2beat
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/vitalik-buterin-unveils-plan-solve-cross-chain-l2-interoperability" text="null" title="null" rel="noopener noreferrer nofollow">Vitalik Buterin unveils plan to solve cross-chain L2 interoperability</a>
Growthepie also <a href="https://x.com/growthepie_eth/status/1823332420319363367" text="null" title="null" rel="noopener noreferrer nofollow">reported</a> that layer-2 networks now have more stablecoins than Solana and Binance Chain combined. It noted 150% more stablecoins on L2s than Solana and 94% more than BNB Smart Chain.&nbsp;
Meanwhile, layer-1 daily transactions on Ethereum have been relatively stable, hovering around the 1.1 million level for most of this year, <a href="https://etherscan.io/chart/gasprice" text="null" title="null" rel="noopener noreferrer nofollow">according</a> to Etherscan.
Additionally, average gas fees on L1 Ethereum have fallen to yearly lows. This enabled stablecoin issuer <a href="https://cointelegraph.com/explained/what-is-tethers-gold-backed-stablecoin-alloy-ausd" text="null" title="null" rel="noopener noreferrer nofollow">Tether</a> to mint 1 billion Tether (<a href="https://cointelegraph.com/tether-price-index" text="null" title="null" rel="noopener noreferrer nofollow">USDT</a>) for just 53 cents on Aug. 13, <a href="https://x.com/ArkhamIntel/status/1823354684876235118" text="null" title="null" rel="noopener noreferrer nofollow">according</a> to blockchain intelligence platform Arkham.
Magazine: <a href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/" text="null" title="null" rel="noopener noreferrer nofollow">Memecoins: Betrayal of crypto’s ideals… or its true purpose?</a>

Ethereum L2 ecosystem processes a record 12.4M transactions in a day

Cointelegraph

Other articles published on Aug 14, 2024

SEC Pushes Back Against Coinbase’s Demand for Gensler Emails on Digital Assets

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

WazirX Ends Partnership with Liminal

Ethereum’s Gas Fees Dive to Lowest Since Mid-2019 Amid Increased Layer 2 Transactions

Do Kwon to be Extradited to South Korea: Montenegro Court Upholds Decision

HIVE vs. TeraWulf: How Bitcoin’s Halving Is Driving a New Era of Mining Efficiency.

Join our free newsletter for daily crypto updates!