PANews reported on August 14 that according to Cointelegraph, Growthepie data showed that the total transaction volume of Ethereum Layer2 expansion ecosystem reached 12.42 million on August 12, a record high. Leon Waidmann, head of research at the Onchain Foundation, commented on this milestone in an article in X on August 13, saying that "scalability is rapidly improving" and "user activity has peaked." According to the platform, the daily transaction volume of the L2 ecosystem has increased by 140% since the beginning of 2024. Growthepie only counts transactions executed by users or smart contracts, not system transactions.
The growth was mainly driven by Coinbase’s L2 blockchain, Base, which saw transaction volume surge to a peak of more than 4 million transactions in late July. Basescan confirmed the data report, saying that daily transaction volume on the Base network has surged 700% in the past six months.
L2beat, an industry metrics platform for scaling, reports that overall throughput has also increased significantly recently as the number of scaling platforms has increased, with average TPS (transactions per second) doubling in the past two months. Growthepie also reports that the Layer2 network now has more stablecoins than Solana and Binance Chain combined. The report states that there are 150% more stablecoins on Layer2 than Solana and 94% more than BNB Smart Chain. Meanwhile, according to Etherscan data, Ethereum Layer1 daily transaction volume has been relatively stable, hovering around 1.1 million for most of the year.
