{"id":89707,"date":"2024-08-14T04:10:14","date_gmt":"2024-08-14T08:10:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=89707"},"modified":"2024-08-14T04:10:19","modified_gmt":"2024-08-14T08:10:19","slug":"ethereum-l2-ecosystem-processes-a-record-12-4m","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethereum-l2-ecosystem-processes-a-record-12-4m\/","title":{"rendered":"Ethereum L2 Ecosystem Records Daily ATH of 12.4M Transactions"},"content":{"rendered":"\n

The layer-2 scaling ecosystem<\/a> of Ethereum has recently achieved a new daily transaction all-time high (ATH) of $12.42 million. Ethereum L2 <\/p>\n\n\n\n

\"Ethereum
Ethereum L2 Ecosystem Records Daily ATH of 12.4M Transactions<\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

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.”<\/p>\n\n\n\n

The L2 ecosystem has experienced a 140% increase in daily transactions since the beginning of 2024, per the platform.<\/p>\n\n\n\n

Transactions executed by users or smart contracts<\/a> are eligible for inclusion in Growthepie's count, but system transactions are not.<\/p>\n\n\n\n

The Coinbase L2 blockchain Base has been the primary factor driving the growth, with transactions reaching over 4 million in late July.<\/p>\n\n\n\n

\"Ethereum
Ethereum L2 daily transactions. Source: Growthepie<\/em><\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\"L2
L2 activity over one year. Source: L2beat<\/em><\/figcaption><\/figure>\n\n\n\n

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<\/a>.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":89733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[17102,128,21289],"class_list":["post-89707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news","tag-bnb-smart-chain","tag-ethereum","tag-ethereum-layer-2-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/layer-2.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=89707"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/89733"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=89707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=89707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=89707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}