Layer 2 solutions continue to experience robust growth, playing a crucial role in driving mass adoption.
On-chain metrics reveal increasing user traction, underscoring the potential of L2 networks.
The number of transactions on leading Layer 2 networks—Arbitrum, Base, and Optimism—has quadrupled this year. This growth saw a significant boost in Q2, following the implementation of EIP-4844 in March, which slashed transaction fees by over 90%.
The number of transactions on the leading Layer 2 networks—Arbitrum, Base, and Optimism—has quadrupled this year.
This growth accelerated notably in Q2, following the integration of EIP-4844 in March, which reduced transaction fees by over 90% pic.twitter.com/FbZzduw26V
— IntoTheBlock (@intotheblock) June 29, 2024
Base Has Now Surpassed Arbitrum, Its Long-time Leader
A recent report highlights that BASE has officially become the most used Ethereum L2, surpassing the long-time leader, Arbitrum. The Coinbase Chain has emerged as the top Ethereum Layer 2 network, reflecting a shift in user preference and network efficiency.
Current transaction data provides a clear picture of this trend:
– Base: 3.5 million daily transactions, marking a 60% increase in the last 30 days.
– Arbitrum: 2 million daily transactions, a decrease of 22.3% over the same period.
#BASE is officially the most used #Ethereum L2!🥇
The #Coinbase Chain has even surpassed the long-time leader of the #ETH L2 ecosystem, #Arbitrum!
🔎Recent transaction counts:
🔹Base: 3.5M daily txs (+60% in the last 30d)
🔹Arbitrum: 2M daily txs (-22.3% in the last 30d) pic.twitter.com/x4p4N4hDBi— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) June 29, 2024
These figures illustrate the dynamic growth of Layer 2 networks, with BASE leading the charge. The ongoing advancements in L2 solutions and their ability to significantly reduce transaction costs are key drivers of their adoption. As Layer 2 technology continues to evolve, it is poised to further enhance scalability and efficiency, attracting even more users to the Ethereum ecosystem.
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