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Home»Blockchain»Layer 2 transactions accounted for more than 60% of all Ethereum activity in the third quarter
Blockchain

Layer 2 transactions accounted for more than 60% of all Ethereum activity in the third quarter

2023-10-11No Comments2 Mins Read
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As more layer 2 solutions emerge, Ethereum is losing its dominance as the main network for on-chain operations.

Activity within layer 2 networks is booming, as transactions on these products accounted for more than 60% of all Ethereum activity in Q3 2023. According to data from Messari, Coinbase’s Base network quickly did “more transactions than Ethereum Mainnet.”

Layer 2 transactions accounted for more than 60% of all Ethereum activity in the third and first quarters

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According to Messari’s calculations, other layer 2 networks also saw a lot of growth last quarter, with Optimism seeing a 40% increase in transactions. However, this wave of activity also had side effects for the others:

“It appears that Base and Optimism cannibalized some of the activity on Arbitrum, where transactions fell by 36%”

Messari

Nevertheless, Arbitrum still ranks at the top among other layer 2 networks with an average of 600,000 daily transactions, compared to 400,000 for Optimism and Base, the company said.

Layer 2 transactions accounted for more than 60% of all Ethereum activity in the third and second quarters

Graph of all funds locked on Ethereum-based Layer-2 networks | Source: l2beat.com

According to data from L2BEAT, Arbitrum is also the largest layer 2 network in terms of total value, as it has over $5.7 billion worth of crypto locked up within it, representing a 54.4% market share among other rollups. Despite the surge in activity, the total value captured in decentralized finance (defi) protocols has steadily declined since March 2023. According to DefiLlama, defi protocols currently have approximately $37.6 billion in liquidity, a level last seen in February 2021.

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See also  Brian Norton to make Ethereum Wallets safer for everyone
accounted activity Ethereum Layer Quarter transactions
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