Evaluating the impact of Ethereum L2s trying to ‘go to the moon’

• Ethereum layer 2s have been pulling off spectacular transaction exercise currently
• Enhancing stats may have a big affect on Ethereum too

ETH should still be a good distance off from its historic all-time excessive, however Ethereum is hitting new highs on different fronts. The community’s layer 2 transactions touched new highs not too long ago.

Ethereum layer 2s’ mixture each day transaction rely reportedly hit a new high of 12.2 million transactions. Word that this solely accounts for information on layer 2 networks, and never on exchanges.

Based on Growthepie, the Base community contributed the best transaction exercise within the final 24 hours. It averaged barely over 3.6 million transactions, which was virtually double the transaction rely offered by Arbitrum One.

Supply: Growthepie.xyz

The spectacular layer 2 efficiency obtained a big and noteworthy increase from Manta. The latter achieved over 1.31 million transactions throughout the identical interval.

In truth, its transactions have registered a spike since 5 August.

Are Ethereum’s layer 2s stealing the mainnet thunder?

The aforementioned findings additionally reveal one thing attention-grabbing concerning the Ethereum layer 2 panorama. Many of the layer 2 networks at the moment experiencing strong development are comparatively new. Older layer 2s similar to Polygon and Optimism have been overtaken by the likes of Base and Manta when it comes to transaction rely.

Base was additionally the dominant Ethereum layer 2 community when it comes to charges paid by customers.

The comparatively new and in style layer 2s have been gaining traction in transaction rely and costs. Compared, Ethereum mainnet transactions are noting an general decline on a yr up to now foundation.

Supply: CryptoQuant

The mainnet’s transaction rely peaked at barely over 1.96 million transactions on 14 January. It had a rely of 1.08 million transactions on 13 August.

We additionally drew comparisons between the Ethereum mainnet each day energetic addresses and its layer 2 energetic addresses.  This comparability was primarily based on historic highs for the final 12 months and the most recent (13 August) stats.

Supply: CryptoQuant

Ethereum mainnet’s highest energetic tackle rely for the final 12 months was 1.009 million addresses on 13 September, 2023.  Its highest figures in 2024, nonetheless, had been simply over 585,000 addresses on 22 June. It registered 303,268 energetic addresses on 13 August.

The mixture variety of energetic addresses for Ethereum layer 2s peaked at 2.52 million energetic addresses on 23 June this yr. It had simply over 1.54 million energetic addresses on 13 August.

Supply: Growthepie.xyz

To place it merely, the information confirmed that many of the exercise occurring on Ethereum has been going down on its layer 2 networks.