Ethereum Layer 2 Networks Hit New Record with 12.42 Million Daily Transactions

ethereum layer 2s are abuzz with activity. The latest data suggests that the ecosystem has hit a new record in daily transaction volume.

In fact, it was also discovered that these networks now hold more stablecoins than Solana and Binance Chain combined.

Growth of the ethereum Layer 2 Ecosystem

According to the Statistics Compiled by Growthepie, daily transactions on ethereum’s Layer 2 ecosystem reached 12.42 million on August 12, setting a new all-time high.

Leon Waidmann, Head of Research at the Onchain Foundation, also commented on this new milestone: x.com/LeonWaidmann/status/1823379437590917275″ target=”_blank” rel=”noopener” data-wpel-link=”external”>saying that the figure highlights the rapid advances in scalability, potentially driving user engagement to new heights.

Additionally, Growthepie reported a 140% increase in daily transactions in the Layer 2 ecosystem so far this year. It is important to note that the analytics platform only includes transactions executed by users or smart contracts, excluding system transactions.

Coinbase-incubated layer 2 blockchain Base contributed significantly to this growth, x.com/routescan_io/status/1823665355102822677″ target=”_blank” rel=”noopener” data-wpel-link=”external”>incomparable In July alone, 4 million transactions were recorded. This figure has now dropped to 3.6 million, but Base has managed to consistently outperform Arbitrum, becoming the ethereum layer 2 network with the most transactions since the beginning of July.

Currently, Arbitrum's transaction volume stands at over $1.85 million, followed by Optimism at around $476,000.

Stablecoin and wallet activity

Growthepie beyond x.com/growthepie_eth/status/1823332420319363367″ target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed Layer 2 networks in the ethereum ecosystem now outpace both Solana and Binance Chain in stablecoin holdings, with 150% more stablecoins than Solana and 94% more than BSC. Additionally, Layer 2 networks also show an advantage in single-wallet activity, with over 4% more active addresses than Solana on a 7-day moving average.

This combination of increased stablecoin supply and increased wallet activity suggests growing confidence in L2 solutions.

These findings raise questions about investor sentiment and whether they are over- or undervaluing Solana. Interestingly, Layer 2’s fully diluted valuation (FDV) peaked around the time of EIP 4844, reaching nearly $95 billion (surpassing Solana’s FDV at the time), but has since declined to $31 billion, now less than Solana’s.

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