{"id":347128,"date":"2023-09-29T13:00:17","date_gmt":"2023-09-29T07:30:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=347128"},"modified":"2023-09-29T18:24:07","modified_gmt":"2023-09-29T12:54:07","slug":"a-look-at-what-prompted-high-activity-on-ethereum-scaling-solutions","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/a-look-at-what-prompted-high-activity-on-ethereum-scaling-solutions\/","title":{"rendered":"A look at what prompted high activity on Ethereum scaling solutions"},"content":{"rendered":"<ul>\n<li><em>The exponential growth in L2&#8217;s on-chain activity came during the bear market.<\/em><\/li>\n<li><em>\u00a0Optimistic roll-ups maintained an average daily transaction share of 67% in September.<\/em><\/li>\n<\/ul>\n<p>The Ethereum [ETH] layer-2 (L2) landscape has expanded by leaps and bounds in 2023. The blockspace demand for scaling solutions has hit the roof with users onboarding to capitalize on its relative advantages.<\/p>\n<h4>L2s see sharp rise in transaction fees<\/h4>\n<p>Erik Smith, Chief Investment Officer at 401 Financial, and a keen observer of the blockchain industry, took to social platform X to highlight the rapid strides taken by this emerging sector.<\/p>\n<p>Citing data from on-chain analytics firm Token Terminal, Smith stated that network fees collected by L2 networks ballooned from 0 to $15 million in a span of just two years.<\/p>\n<p>It was astonishing to observe that exponential growth came during the bear market. Notably, this was the phase where on-chain activity across major L1s stagnated.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Monthly fees paid to use L2 blockchains\ud83d\udc47\ud83c\udffb<\/p>\n<p>$0 to $15 million in 2 years. In a bear market.<\/p>\n<p>Blockspace demand is up &amp; to the right. \ud83d\udcc8<\/p>\n<p>via <a href=\"https:\/\/twitter.com\/tokenterminal?ref_src=twsrc%5Etfw\">@tokenterminal<\/a> <a href=\"https:\/\/t.co\/L48oSjs7z2\">pic.twitter.com\/L48oSjs7z2<\/a><\/p>\n<p>&mdash; Erik (@eriksx) <a href=\"https:\/\/twitter.com\/eriksx\/status\/1707004417881354465?ref_src=twsrc%5Etfw\">September 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4>L2s unburden Ethereum<\/h4>\n<p>Over the years, Ethereum has been severely bogged down due to rapidly growing user traffic. This led critics to question its scalability in the long run.<\/p>\n<p>L2 solutions, built atop the base layer Ethereum, were found to be the answer to the scalability question. It was planned that over time, these L2s would handle the majority of low-value transactions, with the base layer taking care of security and decentralization.<\/p>\n<p>While it started on a slow note, the vision seemed to be coming to fruition. According to Lucas Outumoro of IntoTheBlock, optimistic roll-ups maintained an average daily transaction share of 67% in September, from just 16% a year ago.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum Layer 2 adoption has been increasing steadily in 2023<\/p>\n<p>The share that optimistic roll-ups have out of the number of daily transactions has been averaging 67% in September, compared to just 16% a year ago <a href=\"https:\/\/t.co\/gTduPxMO4g\">pic.twitter.com\/gTduPxMO4g<\/a><\/p>\n<p>&mdash; Lucas (@LucasOutumuro) <a href=\"https:\/\/twitter.com\/LucasOutumuro\/status\/1707039578324955586?ref_src=twsrc%5Etfw\">September 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As is well-known, optimistic rollups included some of the top L2s like\u00a0Optimism [OP]\u00a0and\u00a0Arbitrum [ARB]\u00a0and the recently-launched\u00a0Base. In fact, on the majority of days since its launch, Base has outperformed Ethereum in terms of daily transactions.<\/p>\n<p>According to <a href=\"https:\/\/l2beat.com\/scaling\/activity\" target=\"_blank\" rel=\"noopener\">L2Beat<\/a>, aggregated transaction throughput on L2s has grown metaphorically in 2023. On 27 September, the average transactions per second (TPS) was 60, nearly 5x higher than that of Ethereum.<\/p>\n<figure id=\"attachment_347166\" aria-describedby=\"caption-attachment-347166\" style=\"width: 1205px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new.jpg\"><img decoding=\"async\" class=\"size-full wp-image-347166\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new.jpg\" alt=\"\" width=\"1205\" height=\"492\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new.jpg 1205w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new-300x122.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new-1024x418.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-new-768x314.jpg 768w\" sizes=\"(max-width: 1205px) 100vw, 1205px\" \/><\/a><figcaption id=\"caption-attachment-347166\" class=\"wp-caption-text\">Source: L2Beat<\/figcaption><\/figure>\n<h4>Onwards and upwards for Ethereum scaling?<\/h4>\n<p>It appeared more likely that most on-chain activity will switch to L2s in the coming days. The upcoming Ethereum Cancun upgrade, or EIP-4844, could accelerate the rate. This upgrade was set to significantly reduce Ethereum&#8217;s gas fees and increase transaction throughput, allowing roll-ups to scale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The network fees collected by layer-2 blockchains ballooned from 0 to $15 million in a span of just two years.<\/p>\n","protected":false},"author":80,"featured_media":347137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[2116],"class_list":["post-347128","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-layer-2-solutions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A look at what prompted high activity on Ethereum scaling solutions - 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