- Ethereum’s Layer 2 solutions witness a remarkable surge.
- L2 transactions increased from 20% to 64% in the past year.
- Recent airdrops and user growth contribute to the adoption of Layer 2 solutions.
Data has shown that Ethereum’s Layer 2 (L2) solutions have experienced a remarkable surge, with transaction volume increasing from a mere 20% one year ago to approximately 64%.
Recently, prominent analytics firm Dune Analytics highlighted a dashboard created by J. Hackworth, a data scientist at Variant Fund. The dashboard has gained significant traction as it provides valuable insights into comparing activity on Ethereum’s Layer 1 (L1) and its L2 solutions.
The dashboard reveals that a mere 20% of transactions were conducted on L2 solutions one year ago, but that figure has since skyrocketed to approximately 64%.
Layer 2 solutions are rapidly catching up with L1, indicating a notable shift in transaction volume. In the last year alone, L2 witnessed an impressive surge of around 332,000 transactions, while L1 recorded approximately 380,000 transactions.
If the upward trend continues, experts predict that L2 solutions could dominate Ethereum’s transaction landscape within the next twelve months. The tipping point for this transformation occurred in late December 2022.
Notably, regarding active users, L2 solutions have only recently started catching up, with Q2 of this year showing substantial growth. The past week saw around 272,134 distinct L2 addresses actively engaging with the ETH network, while L1 recorded around 392,102 unique addresses.
The dashboard created by J. Hackworth sheds light on the factors driving this user growth. Recent airdrops, such as Optimism (OP) and Arbiad ARBI, have been crucial in attracting new participants to the Ethereum ecosystem.
Despite the remarkable progress made by Layer 2 solutions, Ethereum remains significantly larger than any individual L2 network. However, the surge in adoption over the past year is evident, signifying a positive outlook for Ethereum’s scalability and transactional efficiency.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
