Yahya 
Ethereum’s layer-2 scaling ecosystem has reached a new benchmark as daily transaction all-time record is set. Daily transactions throughout the scaling ecosystem surged to a record 12.42 million on Aug. 12 according to Growthepie, an Ethereum layer-2 block space monitoring tool.
Highlighting in an Aug. 13 post on X the value of this achievement highlighting that “user activity is at its peak” and “scalability is improving rapidly,” Head of Research at the Onchain Foundation Leon Waidmann noted.
Daily transactions in the layer-2 ecosystem have surged 140% from the beginning of 2024 Growthepie’s measures only show user or smart contract activity; they ignore system transactions.
Coinbase’s Base Blockchain Drives Layer-2 Growth
Mostly responsible for the rise in layer-2 transactions is the Coinbase L2 blockchain, Base, which peaked in late July with about 4 million transactions. Based on measurements from Basescan, a blockchain tool examining Base, daily network transactions over the last six months have jumped by 700%.
Rising memecoin activity as token creators hurried to the lower-cost, higher-throughput networks to mint more tokens explains the exponential growth for Base. This inclination has been somewhat crucial in enabling generally increasing layer-2 transaction counts.
Apart from transaction rise, industry metrics from L2beat indicate a doubling of average transactions per second (TPS) over the last two months, therefore implying good performance across the growing number of scaling platforms.
Furthermore, Growthepie pointed out that layer-2 networks already include more stablecoins than Solana and Binance Smart Chain taken together—150% more stablecoins than Solana and 94% more than Binance Smart Chain combined.
Etherscan claims that whereas layer-2 networks have seen exponential increase daily transactions for most of 2024 hover around 1.1 million; layer-1 Ethereum transactions have been somewhat constant. Moreover, average gas rates on Ethereum’s mainnet have decreased to yearly lows, enabling cheap operations like Tether minting one billion tokens for about 53 cents on Aug. 13, blockchain analytics site Valhalla notes.
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