Ethereum Shines as Layer 2 Activities Drops by 32%

Ethereum Shines as Layer 2 Activities Drops by 32%

BlockchainEthereum

By Miles

01 Nov 2023 (9 months ago)

1 min read

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Ethereum shines as Layer 2 activity drops. Despite a decrease in Layer 2 transactions, Ethereum manages more transactions at lower costs.

Ethereum is gaining strength compared to its Layer 2 systems. Daily activity on Layer 2 has dropped by one-third in the last six weeks.

Data from L2beat shows Layer 2 activity is down 32% since its highest point on Sept. 14. Now, it handles about 43.8 transactions per second (TPS). In contrast, Ethereum handles an average of 12.6 TPS, which has grown by 1.6% over the same time.

Many new Layer 2 networks saw a decrease in activity after their initial excitement. For instance, Base, a project by Coinbase, now only processes about 3 TPS, a big drop from 21.3 TPS in September.

ZkSync Era, a top Layer 2 system, also experienced a 50% drop since August. Even popular networks like Arbitrum and Optimism have seen their activity go down.

Yet, despite these changes, Layer 2 networks still process over 4.6 times more transactions than Ethereum alone. This means the Ethereum network can handle a lot more activity at a much lower cost, thanks to its Layer 2 systems.

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