Ethereum layer-2 networks have recently experienced a surge in activity, with a record-breaking 12.52 million transactions recorded on Aug. 13. This milestone surpasses the previous high of 11.5 million transactions seen on April 4, showcasing the growing popularity and adoption of Ethereum L2 solutions.
Coinbase’s Base emerged as a frontrunner in the Ethereum L2 space, processing a significant 3.98 million transactions on the peak day. Despite being relatively new, having launched just over a year ago, Base has demonstrated impressive performance and scalability. Following closely behind is Arbitrum One, with 1.79 million transactions on the same day, solidifying its position as a key player in the Ethereum L2 ecosystem.
The stablecoin market cap on Ethereum L2 networks has also seen substantial growth, reaching $9.69 billion. This increase in market cap, coupled with the surge in transaction volumes, is a positive indicator of the expanding utility and use cases of Ethereum L2 solutions.
Interestingly, despite the spike in transactions and stablecoin market cap, user fees have witnessed a significant decline. On Aug. 13, users paid only $171,514 in fees, a drastic drop from the peak of $4.2 million recorded on March 5. This 96% decrease in fees suggests that while activity on L2 networks is on the rise, the cost to users is decreasing, especially during periods of market volatility.
Furthermore, data reveals that cumulative active addresses on Ethereum L2 networks have decreased by 16.23% over the past week, totaling 5.29 million unique wallets. The top six Ethereum L2 networks, including Base, Arbitrum One, Linea, OP Mainnet, Scroll, and zkSync Era, have shown varying performance metrics in terms of active wallet addresses and cross-chain activity.
Base leads the pack with 3.25 million weekly active addresses, with 9.1% of its activity involving cross-chain transactions. Arbitrum One maintains its strong position with 1.11 million weekly active addresses, despite being three years old. Linea, a one-year-old ZK Rollup, has seen solid growth with 493,570 weekly active addresses, with 43.6% of its activity comprising multi-chain transactions.
Optimistic Rollup OP Mainnet recorded 315.32K weekly active addresses, while Scroll, at nine months old, attracted 272,290 weekly active addresses, with 61.4% of its transactions involving multi-chain activities. Lastly, zkSync Era, another ZK Rollup, saw 261,260 weekly active addresses, showcasing the diverse landscape of Ethereum L2 networks.
Overall, the unprecedented transaction volume, growing stablecoin market cap, and decreasing user fees on Ethereum layer-2 networks highlight the maturation and scalability of these solutions in the ever-evolving crypto landscape.