Since the Dencun upgrade, Ethereum layer 2 (L2) transactions have experienced a remarkable surge, marking a 196% increase to reach 5.67 million transactions settled on the top L2 platforms.
The number of transactions on ETH layer 2s has skyrocketed following the Dencun upgrade.
➖The number of transactions settled on the top L2s has increased by 196% to 5.67M.
➖Base currently processes ~57% of these transactions, followed by Arbitrum and Optimism with 31% and 11%… pic.twitter.com/tKnL4HXWIZ
— IntoTheBlock (@intotheblock) April 9, 2024
Among these platforms, Base has emerged as a frontrunner, handling approximately 57% of these transactions. Arbitrum follows closely behind, accounting for 31% of the transactions, while Optimism captures 11%.
Despite Base’s dominance in transaction volume, Arbitrum maintains its position as the leading Ethereum L2 in terms of Total Value Locked (TVL), boasting an impressive $19 billion. Optimism secures the second spot with a TVL of $8 billion, while Base ranks third with a TVL exceeding $4 billion.
Here are the top L2’s by TVL
Pay attention to the projects taking advantage of the liquidity and low fees on these chains
Arbitrum is still king 👑
Base is growing rapidly 📈
Blast is the new kid on the block 💥 pic.twitter.com/lr8aK5i028— NiFτy (@niftyinvest) April 9, 2024
Base Tops Solana As Regards Transaction Speed And Performance
An interesting development is that Base now demonstrates superior speed compared to Solana, with zero failed transactions reported. This enhanced performance is attributed to Base’s utilization of the hundreds of millions of dollars worth of ETH staked on the Ethereum mainnet, ensuring robust security for its layer 2 operations.
Base is faster than Solana, zero failed transactions, has a sick wallet (Coinbase Wallet), and leverages the 100s of Millions of $ of ETH staked on mainnet for security on its L2. Why would you use anything else?
— Captain Kong (@captainkong_eth) April 9, 2024
In summary, the surge in Ethereum layer 2 transactions post-Dencun upgrade underscores the growing importance and adoption of layer 2 scaling solutions within the Ethereum ecosystem. With Base leading the transaction volume and Arbitrum dominating in TVL, Ethereum’s layer 2 landscape continues to evolve, offering improved scalability and efficiency for users and developers alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.