According to the latest report by analytics interface platform Growthepie, the Ethereum L2 landscape has undergone a significant shift. The Base blockchain network has allegedly surpassed the Arbitrum network, establishing itself as the top Ethereum L2 transaction network, news sources report.
Ethereum L2 Transactions Hit Record Numbers
The report highlights a new record in Ethereum Layer 2 transactions, reaching a staggering 12.42 million. This remarkable figure supposedly reflects the growing popularity and adoption of Layer 2 solutions in the Ethereum ecosystem.
It underscores the increasing reliance on these technologies to enhance scalability and address congestion issues on the Ethereum mainnet, showcasing the continued evolution and expansion of Layer 2 infrastructure in supporting a thriving decentralized network.
Base Network Leads the Pack
The Base network, which employs Optimistic Rollup technology, has quickly risen to prominence despite being just over a year old. With approximately 3.25 million transactions to its name, Base has emerged as the preferred choice for Ethereum Layer 2 network users, news sources report.
While Base leads the Ethereum L2 transaction networks, Arbitrum maintains its position as the second most utilized network. Arbitrum recorded 1.11 million transactions, showcasing its continued relevance in the competitive Ethereum L2 space.
Beyond Base and Arbitrum, several other Ethereum Layer 2 networks have also made their mark. These include Linea, OP Mainnet, Scroll, ZKsync Era, Mantle, Zora, Taiko, and Blast. Among these, Taiko has experienced a notable surge of 4.4% in the last day, underlining its growth as an active transaction network, as reported.
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Recent Decline in Layer 2 Transactions
Despite impressive individual performances, Ethereum Layer 2 transactions have faced a downturn for four consecutive weeks. The total number of active addresses currently stands at 5,297,233, representing a 16.32% decrease from the previous week.
The decline is also evident in the number of active wallets on multiple chains, which currently numbers 497,425. This figure is 13.41% lower than the previous week, indicating a broader trend of reduced activity across the Ethereum L2 ecosystem.
The decline is also evident in the number of active wallets on multiple chains, which currently numbers 497,425. This figure is 13.41% lower than the previous week, indicating a broader trend of reduced activity across the Ethereum Layer 2 ecosystem. This decrease in active wallets mirrors the overall downturn in transaction volumes, reflecting a period of diminished engagement and adoption. As the Ethereum Layer 2 networks face these challenges, it highlights the need for continuous innovation and effective strategies to reverse the trend and sustain user interest and participation in Layer 2 solutions.
Current Dominance of Layer 2 Networks
Despite the recent slump, the overall dominance of Layer 2 networks remains significant, with a dominance ratio of 2.91x. However, this is 14.32% less than the previous week, reflecting the recent challenges faced by Ethereum L2 networks, according to sources.
By presenting these facts and figures, Growthepie’s report offers a comprehensive overview of the current state of Ethereum L2 transactions. The shifting dynamics among leading networks such as Base and Arbitrum, along with the notable performances of other networks, provide valuable insights into the evolving landscape of Ethereum’s Layer 2 solutions.
In conclusion, the Growthepie report underscores a pivotal moment in the said ecosystem, with Base emerging as the leading network by surpassing Arbitrum. This shift highlights the increasing adoption of Optimistic Rollup technology and the dynamic nature of Layer 2 solutions. Despite recent declines in overall transaction volume and active addresses, these networks continue to play a crucial role in enhancing scalability and efficiency, as reported. The data not only reflects the growing preference for Base but also emphasizes the need for ongoing innovation and adaptation within the Ethereum Layer 2 landscape. Stay updated with industry trend with TheBITJournal.
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