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%.
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.
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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