Details of Ethereum (ETH) Downgrade in Key Layer-2 TPS Ranking

In recent weeks, there has been a surge in activity within Ethereum layer-2 networks, with the combined throughput of L2 surpassing transactions on the Ethereum mainnet. Interestingly, the price of Ethereum (ETH) has seen a significant drop within the daily timeframe.

Ethereum’s layer-2 ecosystem achieved a new milestone according to L2beat, with a daily average scaling throughput reaching a record high of 175.33 on August 14. Base has now outpaced the Ethereum mainnet, with a daily activity level of 46.98 transactions per second (TPS) compared to Ethereum’s 14.8 TPS. Over the past month, Base has processed around 111 million transactions, while Ethereum lags behind at 33 million.

Base, a layer-2 solution developed by Coinbase, witnessed a 15.59% increase in activity TPS in the previous week. Unique features of Base such as enhanced transaction speed and improved efficiency have contributed to its growing popularity. The emergence of Friend Tech, a social application enabling users to own personalized shares, has also driven activity on Base.

Among other layer-2 solutions, Taiko ranks second with 21.58 TPS, followed by Arbitrum with 20.94 TPS and Immutable with 20.59 TPS. Arbitrum and Base lead in the total value locked in layer 2s, accounting for $14.5 billion and $6.2 billion, respectively. Optimism holds the third position with $5.5 billion, followed by Blast with $1.75 billion and Mantle with $1.2 billion.

In terms of Ethereum’s market performance, the cryptocurrency has been experiencing short-term price volatility amidst a broader bearish market sentiment. Currently, ETH is trading at $2,665, marking a 3.5% decrease in the past day. Simultaneously, the trading volume has also dropped by 6.5% to $14 billion. This decline in price may have contributed to the decrease in throughput on the network.