{"id":335558,"date":"2023-08-15T00:00:34","date_gmt":"2023-08-14T18:30:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=335558"},"modified":"2023-08-14T17:07:36","modified_gmt":"2023-08-14T11:37:36","slug":"ethereums-l1-struggles-pave-the-way-for-l2s-to-shine","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereums-l1-struggles-pave-the-way-for-l2s-to-shine\/","title":{"rendered":"Ethereum\u2019s L1 struggles pave the way for L2s to shine"},"content":{"rendered":"<ul>\n<li><em>Base&#8217;s &#8220;on-chain summer&#8221;, alongside rising attention toward Optimism, caused a dip in ETH burned.<\/em><\/li>\n<li><em>Projects in the development stage including zkSync and StarkNet also contributed to the decrease.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The inability of <\/span><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH]<\/span><span style=\"font-weight: 400;\"> Layer One (L1) to scale efficiently has caused the number of ETH burned since 2023 to reach a new low. According to on-chain data from The Block, the number of ETH burned after EIP-1559 dropped to 504.54 ETH on 12 August.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OP\u2019s market cap in ETH terms<\/span><\/a><\/p>\n<hr \/>\n<p>The blockchain began the ETH burning mechanism after the London hard fork with the aim of simplifying the transaction fee process. So, when a transaction takes place on the Ethereum Maiinet, it\u2019s split into two. This creates a base fee that gets burned and a priority assigned to the miners.<\/p>\n<h4><b>A change in attention<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Therefore, the <\/span><a href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/ethereum\/burned-eth-after-eip-1559-daily\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decline in ETH burned<\/span><\/a><span style=\"font-weight: 400;\"> could be attributed to the <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-august-trading-activity-plummets-the-reason-why-is-obvious\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">waning activity<\/span><\/a><span style=\"font-weight: 400;\"> on Ethereum L1. And this was because market participants have shifted their attention to L2s which offered more scalability.<\/span><\/p>\n<figure id=\"attachment_335571\" aria-describedby=\"caption-attachment-335571\" style=\"width: 1718px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17.png\"><img decoding=\"async\" class=\"size-full wp-image-335571\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17.png\" alt=\"Amount of ETH burned\" width=\"1718\" height=\"386\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17.png 1718w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17-300x67.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17-1024x230.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17-768x173.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.17.17-1536x345.png 1536w\" sizes=\"(max-width: 1718px) 100vw, 1718px\" \/><\/a><figcaption id=\"caption-attachment-335571\" class=\"wp-caption-text\">Source: The Block<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Of late, the crypto community has been agog with the launch of <\/span><a href=\"http:\/\/ambcrypto.com\/base-experiences-surge-in-tvl-and-other-key-metricsdecoding-details\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Base, Coinbase\u2019s L2<\/span><\/a><span style=\"font-weight: 400;\">. And since its launch, $203.88 million has been bridged to Base, with ETH <\/span><a href=\"https:\/\/dune.com\/tk-research\/base\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">accounting<\/span><\/a><span style=\"font-weight: 400;\"> for $144.54 million out of the total.\u00a0<\/span><\/p>\n<figure id=\"attachment_335568\" aria-describedby=\"caption-attachment-335568\" style=\"width: 1244px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17.png\"><img decoding=\"async\" class=\"size-full wp-image-335568\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17.png\" alt=\"Total value of ETH bridged on base\" width=\"1244\" height=\"423\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17.png 1244w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17-1024x348.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-10.34.17-768x261.png 768w\" sizes=\"(max-width: 1244px) 100vw, 1244px\" \/><\/a><figcaption id=\"caption-attachment-335568\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Despite the increased activity on Base, it has not yet matched up to other L2s including <\/span><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">Optimism [OP]<\/span><span style=\"font-weight: 400;\"> in terms of <\/span><a href=\"https:\/\/app.santiment.net\/charts\/m2qmSaQz__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">active addresses<\/span><\/a><span style=\"font-weight: 400;\">. Active addresses are the number of distinct addresses that participated in the given transfer of an asset.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, both Optimism and Polygon registered declines in the metric over the last seven days. However, Optimism was the dominant one as the metric stayed put at 69,400. Network activity on Polygon was relatively underwhelming with the active addresses at 9,101.<\/span><\/p>\n<figure id=\"attachment_335565\" aria-describedby=\"caption-attachment-335565\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-335565\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023.png\" alt=\"Arbitrum and Polygon active addresses\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Arbitrum-ARB-11.01.29-14-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-335565\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><b>Participants eye new launches<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Two other L2s that seem to have shifted the attention from the Ethereum Mainnet are <\/span><span style=\"font-weight: 400;\">zkSync<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">StarkNet<\/span><span style=\"font-weight: 400;\">. StarkNet is a permissionless decentralized Zero Knowledge (ZK) rollup aimed at scaling decentralized Applications (dApps) on the Ethereum blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">zkSync, on the other hand, also uses ZK technology to enable faster and cheaper transactions on Ethereum. But why have these two projects, which are still in the development stage, been getting a lot of hype?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although unconfirmed, the broader crypto community feels that both projects would incentivize their early users when they officially launch. As a result, StarkNet and zkSync were recording an influx of active users on their respective Testnets.<\/span><\/p>\n<figure id=\"attachment_335562\" aria-describedby=\"caption-attachment-335562\" style=\"width: 1298px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15.png\"><img decoding=\"async\" class=\"wp-image-335562 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15.png\" alt=\"StarkNet active users\" width=\"1298\" height=\"320\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15.png 1298w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15-300x74.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15-1024x252.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-14-at-11.08.15-768x189.png 768w\" sizes=\"(max-width: 1298px) 100vw, 1298px\" \/><\/a><figcaption id=\"caption-attachment-335562\" class=\"wp-caption-text\">Source: Token Terminal<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 ETHs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At the time of writing, Token Terminal showed that StarkNet\u2019s active users have grown by 3524% in the last 180 days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For zkSync, its Total Value Locked (TVL) has grown incredibly. And at press time, the TVL was $142.68 million. The <\/span><a href=\"https:\/\/defillama.com\/chain\/zkSync%20Era\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">TVL state<\/span><\/a><span style=\"font-weight: 400;\">, at the time of writing, implies that deposits into dApps under the protocol have been impressive.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to the rising activity on several L2, ETH burned from the blockchain&#8217;s Mainnet closed-in on October 2022 lows.<\/p>\n","protected":false},"author":72,"featured_media":335576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-335558","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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