Base leads as Ethereum L2 transactions hit an ATH of 12.5 million

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent surge in Ethereum layer-2 networks quite intriguing. The 12.52 million transactions on Aug. 13 is a testament to the growing adoption of these networks, especially given the relative youth of some players like Coinbase’s Base.


As a crypto investor, I’m thrilled to share that Ethereum‘s layer-2 networks have smashed previous records by processing an astounding 12.52 million transactions, reaching an all-time high.

Based on GrowThePie’s data, the peak recorded on August 13 exceeded the previous record of 11.5 million transactions set on April 4. After a decline in activity from late April until early June, the number of transactions recovered in mid-June and has remained at a high level, even amid market uncertainties.

At the forefront among Ethereum (ETH) L2 solutions is Coinbase’s offering, Base, which handled approximately 3.98 million transactions on its all-time high day. Remarkably, this is an impressive feat for Base, as it is quite young in the market, having been introduced less than a year ago.

Yesterday, I observed that Arbitrum One was leading the pack, executing an impressive 1.79 million transactions. Interestingly, Base and Arbitrum One were the only networks to surpass the 1 million mark in terms of transaction volume. The OP Mainnet came in third with 487,820 transactions, while Linea recorded 409,520 transactions, placing it fourth on my list.

In addition to the surge in transaction counts, the stablecoin market cap on Ethereum L2s has grown significantly, reaching $9.69 billion. 

Contrarily, although there’s been an uptick in transactions and stablecoin market value, the amount users are paying in fees has plummeted significantly. For instance, on August 13, fees amounted to just $171,514, a significant drop from the $4.2 million high reached on March 5.

The data indicates that a 96% decrease in price implies an upward trend in activity on L2 networks, coupled with a reduction in costs for users, noticeably during turbulent market conditions. Furthermore, the total number of active addresses on these L2 networks has dipped by 16.23% over the last week, now standing at approximately 5.29 million distinct wallets.

Additionally, it’s worth noting that each of the top six Ethereum Layer 2 (L2) networks, specifically Base, Arbitrum One, Linea, OP Mainnet, Scroll, and zkSync Era, displayed different performance statistics concerning the number of active wallet users and cross-chain interactions.

From my perspective as an analyst, I find myself leading the pack with Base, boasting a weekly active address count of approximately 3.25 million. However, it’s important to note that just 9.1% of this activity is cross-chain. On the other hand, Arbitrum One, though nearly three years old, has managed to maintain its robust position with around 1.11 million weekly active addresses.

In the past week, Linea, a one-year-old ZK Rollup, experienced significant growth with approximately 493,570 active addresses participating. It’s worth noting that about 43.6% of its activities were multi-chain transactions. On the other hand, Optimistic Rollup’s OP Mainnet also saw 315,320 weekly active addresses.

At just nine months old, Scroll has managed to pull in a staggering 272,290 active weekly users, and an impressive 61.4% of its transactions involve multi-chain activities – the highest figure among the leading six Layer 2 solutions. Meanwhile, another ZK Rollup called zkSync Era also recorded 261,260 active weekly addresses.

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2024-08-14 12:42