Ethereum's L2 ecosystem reached a record 12.4 million daily transactions, fueled by Coinbase's Base blockchain and growing memecoin activity. Scalability surges in 2024.
Ethereum's Layer-2 (L2) ecosystem has reached an unprecedented milestone, processing a record 12.4 million transactions in a single day. The surge is primarily driven by Coinbase’s Base blockchain, which has seen a rapid increase in user activity, particularly from the memecoin community. As scalability improves, the Ethereum L2 landscape is experiencing explosive growth, setting the stage for continued expansion in 2024.
Key Points:
Record Transaction Volume: On August 12, Ethereum’s L2 ecosystem processed a record 12.4 million transactions, marking a new all-time high for daily activity.
Base Blockchain's Impact: The growth is largely fueled by the Base blockchain, which saw transactions peak at over 4 million in July, driven by memecoin activity.
Rapid Growth in 2024: The L2 ecosystem has seen a 140% increase in daily transactions since 2024, highlighting the rapid adoption of these scaling solutions.
Stablecoin Dominance: L2 networks now hold more stablecoins than both Solana and Binance Chain, with 150% and 94% more, respectively.
Ethereum L1 Stability: While L2 transactions soar, Ethereum’s Layer-1 transactions remain stable, with average gas fees reaching yearly lows.
Ethereum’s Layer-2 ecosystem is thriving, with record-breaking transaction volumes and increasing user adoption, particularly on the Base blockchain. As scalability improves, the L2 landscape is set for further growth, positioning it as a critical component of the broader Ethereum ecosystem.
Source: Cointelegraph
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