A Record of 12.4 Million Transactions are Processed Daily by the Ethereum L2 Ecosystem

On the Coinbase L2 blockchain Base, memecoin fever has been the main driver of growth.

The layer-2 scaling environment for Ethereum hit a record high for daily transactions. Growthepie, an Ethereum layer-2 block space analytics tool, reports that on August 12, the total number of daily transactions in the scaling ecosystem reached a record of 12.42 million.

In a post on X on August 13, Leon Waidmann, Head of Research at the Onchain Foundation, discussed the milestone and said that “user activity is at its peak” and “scalability is improving rapidly.”

Rapid Growth in L2 Transactions

Since the start of 2024, the platform claims that everyday transactions inside the L2 ecosystem have increased by 140%. System transactions are not included in Growthepie’s calculations; instead, they solely count transactions carried out by users or smart contracts. The Coinbase L2 blockchain Base has been the main driver of growth, with over 4 million transactions recorded there as late as July.

The statistics stating that daily transactions on the network have increased 700% over the last six months is confirmed by Basescan, a blockchain measurement platform. As token minters raced to lower-cost and greater throughput networks to produce memecoins, Base’s meteoric development has been fuelled by memecoin frenzy.

The average TPS (transactions per second) has doubled over the last two months as the number of scaling platforms has expanded, according to data from the scaling industry monitoring platform L2beat. Additionally, total throughput has lately increased.

Dominance of Stablecoins on Layer-2 Networks

Additionally, according to Growthepie, layer-2 networks currently contain more stablecoins than Binance Chain and Solana put together. Compared to Solana and BNB Smart Chain, it found 150% more stablecoins on L2s and 94% more.

According to Etherscan, layer-1 daily transactions on Ethereum have been comparatively steady, averaging 1.1 million throughout the course of the year.

Decline in Gas Fees on Ethereum

On L1 Ethereum, average gas fees have also decreased to annual lows. According to blockchain intelligence platform Arkham, this allowed stablecoin issuer Tether to manufacture 1 billion Tether USDT $1.00 for just 53 cents on August 13.