- Ethereum’s layer 2 solutions have demonstrated remarkable transaction activity recently.
- This upswing in transactions could potentially influence Ethereum’s mainnet performance and overall value.
- Notably, Ethereum’s recent performance spikes are driven by the activity on layer 2 networks, reaching an aggregate daily transaction high of 12.2 million.
Discover how Ethereum’s layer 2 networks are outpacing their predecessors and transforming transaction statistics.
Ethereum Layer 2 Networks Exhibit Astounding Growth
Ethereum, despite not yet reclaiming its historical all-time high value, is achieving significant milestones in other areas. Recently, the network’s layer 2 transactions have reached unprecedented levels. According to Growthepie, the aggregate daily transaction count for Ethereum’s layer 2s soared to a new peak of 12.2 million transactions. This data encapsulates transaction activities on various layer 2 networks, excluding exchanges.
The Role of Base Network in Transaction Surge
The Base network has been instrumental in driving this substantial transaction activity. In the last 24 hours alone, Base network handled over 3.6 million transactions, a number almost twice as high as Arbitrum One’s contributions. Another noteworthy player, Manta, significantly bolstered this performance by achieving over 1.31 million transactions during the same period. Since August 5, Manta’s transaction activities have consistently spiked, indicating robust engagement.
Challenges and Opportunities: Mainnet vs. Layer 2
This surging activity among newer layer 2 solutions like Base and Manta raises questions about the Ethereum mainnet’s performance. The layer 2 networks are not just flourishing in transaction volumes but also showing dominance in the fees paid by users. Conversely, transaction counts on the Ethereum mainnet have been declining on a year-to-date basis. As of August 13, the mainnet had a transaction count of 1.08 million, a stark contrast to its peak of 1.96 million on January 14.
Comparing Active Address Counts: Mainnet vs. Layer 2
There’s a noticeable disparity when comparing the daily active addresses on the Ethereum mainnet to those on its layer 2 networks. Over the past 12 months, the Ethereum mainnet recorded its highest active address count at 1.009 million on September 13, 2023. In 2024, the highest number of active addresses was just above 585,000 on June 22, decreasing to 303,268 by August 13. In contrast, Ethereum’s layer 2 networks peaked at 2.52 million active addresses on June 23, and posted over 1.54 million by August 13, reflecting higher engagement on these scaling solutions.
Conclusion
Data consistently shows that a majority of Ethereum-related activities are shifting towards its layer 2 networks. With newer networks like Base and Manta leading the charge in both transaction volumes and fee collection, they are reshaping how transactions are processed within the Ethereum ecosystem. Moving forward, the performance of these layer 2 networks could play a crucial role in Ethereum’s path to reclaiming its former glory, notwithstanding the current trends observed on its mainnet.
