The layer-2 scaling ecosystem of Ethereum has recently achieved a new daily transaction all-time high (ATH) of $12.42 million. Ethereum L2
As per the data from Growthepie, an Ethereum layer-2 block space analytics platform, the aggregated daily transactions within the scaling ecosystem reached a record high of $12.42 million on August 12.
Leon Waidmann, the head of research at the Onchain Foundation, commented on the milestone in a post on X on August 13. He stated that “user activity is at its peak” and that “scalability is improving rapidly.”
The L2 ecosystem has experienced a 140% increase in daily transactions since the beginning of 2024, per the platform.
Transactions executed by users or smart contracts are eligible for inclusion in Growthepie’s count, but system transactions are not.
The Coinbase L2 blockchain Base has been the primary factor driving the growth, with transactions reaching over 4 million in late July.
Basescan, a blockchain metrics platform, has verified the data, alleging that the network has experienced a 700% increase in daily transactions over the past six months.
Base’s explosive growth has been fueled by memecoin mania, as token minters have migrated to lower-cost and higher-throughput chains to generate memecoins, according to a Cointelegraph report from earlier this year.
According to L2beat, a scaling industry metrics platform, the number of scaling platforms has increased, resulting in a recent surge in overall throughput. The average TPS (transactions per second) has doubled over the past two months.
Growthepie also reported that layer-2 networks now contain more stablecoins than the combined Solana and Binance Chain. It observed 150% more stablecoins on L2s than on Solana and 94% more than on BNB Smart Chain.
At the same time, Etherscan reports that layer-1 daily transactions on Ethereum have remained relatively consistent, with a value of approximately 1.1 million for most of the year.
Furthermore, the average gas fees on L1 Ethereum have reached their lowest level in a year. Arkham, a blockchain intelligence platform, reported that this allowed stablecoin issuer Tether to produce 1 billion Tether for a mere 53 cents on August 13.
