Base leads as Ethereum L2 transactions hit an ATH of 12.5 million

Ethereum Layer-2 networks recorded an unprecedented 12.52 million transactions, marking a brand new all-time excessive.

In line with facts from growthepie, this peak, recorded on August 13, surpasses the earlier file of 11.5 million transactions from April 4. After a dip in exercise between late April and early June, transactions recovered in mid-June, sustaining excessive quantity regardless of market uncertainties.

The chief among the many Ethereum (ETH) L2s is Coinbase’s Base, which accounted for a considerable 3.98 million transactions on the ATH day. Base’s efficiency is spectacular contemplating it is comparatively new, having launched simply over a yr in the past.

In the meantime, Arbitrum One adopted carefully behind, with 1.79 million transactions on August 13. Notably, Base and Arbitrum One have been the one networks to file transactions above 1 million yesterday. OP Mainnet, the third on the checklist, noticed 487,820 transactions, whereas Linea witnessed 409,520 transactions, securing the fourth spot.

Along with the rise within the variety of transactions, the market capitalization of stablecoins on Ethereum L2s has grown considerably to $9.69 billion.

Regardless of the rise within the variety of transactions and market capitalization of stablecoins, charges paid by customers have fallen dramatically. On August 13, customers paid simply $171,514 in charges, down from the height of $4.2 million on March 5.

Knowledge exhibits that the 96% decline signifies that whereas exercise on L2 networks is growing, prices to customers are reducing, particularly during times of market volatility. The cumulative energetic addresses on these L2 networks additionally fell 16.23% over the previous week to five.29 million distinctive wallets.

Moreover, the six main Ethereum L2 networks – Base, Arbitrum One, Linea, OP Mainnet, Scroll, and zkSync Period – noticed completely different efficiency metrics concerning energetic pockets addresses and cross-chain exercise.

As the present chief, Base registered 3.25 million weekly energetic addresses, though solely 9.1% of its exercise was cross-chain. Regardless of being nearly three years outdated, Arbitrum One maintained its sturdy place with 1.11 million weekly energetic addresses.

Linea, a one-year-old ZK Rollup, noticed strong development with 493,570 weekly energetic addresses. It’s placing that 43.6% of the actions concerned transactions between a number of chains. In the meantime, Optimistic Rollup ON Mainnet witnessed 315.32k weekly energetic addresses.

Though nonetheless in its infancy at 9 months, Scroll was attracting 272,290 energetic addresses weekly, with 61.4% of transactions involving multi-chain exercise, the very best among the many prime six L2 addresses. zkSync Period, one other ZK Rollup, recorded 261,260 weekly energetic addresses.