- Record-Breaking Transaction Count
- Data and Analytics
- Comparison with Other Blockchains
The Ethereum Layer 2 scaling solutions ecosystem has achieved an all-time-high transaction count of more than 12 million transactions in less than 24 hours. This surge is primarily attributed to the growing memecoin activity on the Base platform.
Record-Breaking Transaction Count
According to Growthepie, an Ethereum Layer 2 analytics firm, the ecosystem recorded 12.42 million transactions on August 12. On August 13, Base recorded over 3.6 million transactions, while Arbitrum One followed with 1.8 million transactions.
Data and Analytics
Head of Research at OnchainHQ, Leon Waidmann, acknowledged the rapid growth of Ethereum’s Layer 2 ecosystem, noting that scalability on the mainnet was considerably improving and user activity was peaking. Base recorded an approximate 2% increase in transaction count from August 12 to August 13, while Arbitrum saw a 13.8% decline.
Comparison with Other Blockchains
Current data from the Ethereum blockchain Layer 2 explorer L2Beat reveals that Arbitrum and Base are leading scaling solutions on the Ethereum mainnet using the total value locked (TVL) parameter. Arbitrum tops with a TVL of $15.3 billion, while Base trails with $6.38 billion. The Ethereum Layer 2 ecosystem also holds more stablecoins than the Solana and Binance Smart Chain networks combined, with a stablecoin market cap of $9.7 billion.
The sharp increase in transactions within Ethereum's Layer 2 ecosystem is largely driven by activity on the Base platform and improved conditions for minting memecoins. These changes contribute to lower gas fees on the Ethereum mainnet.
