Assessing the Influence of Ethereum Layer 2 Solutions on Growth
The Ethereum layer 2 ecosystem is witnessing significant growth, with certain layer 2s emerging as leaders in the space. The transaction activity of Ethereum layer 2s has been notably impressive recently, indicating a potential impact on the Ethereum network as a whole.
Although Ethereum (ETH) may not have reached its historic all-time high yet, it is achieving new milestones in various aspects. Recently, the layer 2 transactions on the network reached record highs.
According to reports, the aggregate daily transaction count of Ethereum layer 2s surged to 12.2 million transactions, excluding data from exchanges. Growthepie noted that the Base network accounted for the highest transaction activity, averaging over 3.6 million transactions, nearly double the count of Arbitrum One.
One standout performer contributing to the impressive layer 2 performance is Manta, which recorded over 1.31 million transactions during a specific period, showing a notable spike since August 5.
The rise of new layer 2 networks like Base and Manta signifies a shift in the Ethereum layer 2 landscape. These newer networks are outpacing older ones such as Polygon and Optimism in terms of transaction volume. Base also leads in terms of user fees paid on the Ethereum layer 2 network.
The newer and more popular layer 2 networks are gaining traction in terms of transaction count and fees, while Ethereum mainnet transactions are experiencing a decline year-over-year. Comparisons between Ethereum mainnet daily active addresses and layer 2 active addresses indicate a shift towards layer 2 networks for most of the network’s activity.
The data suggests that Ethereum’s layer 2 networks are becoming increasingly prominent, indicating a potential shift in the network’s transaction and user activity towards these scalable solutions.
