As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I must admit that the recent events in the Ethereum ecosystem have left me both astounded and intrigued.
Over the last month, there’s been a significant increase in activity across various Ethereum layer-2 networks. Remarkably, the total transaction capacity on these layers surpassed transactions on the Ethereum mainnet. Interestingly, despite this surge in activity, the price of ETH has plummeted sharply within a daily timeframe.
Ethereum’s L2 performance
Based on data from L2beat, the daily average transaction capacity of Ethereum’s layer-2 system reached an all-time peak of approximately 175.33 transactions on August 14th.
The milestone comes as Base has overtaken the Ethereum mainnet, with daily activity sitting at 46.98 TPS – compared to 14.8 TPS for Ethereum. In the last 30 days, the transaction count for Base is about 111 million, while Ethereum’s is far behind at 33 million.
In the past week, there was a 15.59% surge in transactions per second (TPS) for Base, a second-language solution introduced by Coinbase. The platform’s distinctive traits, such as faster transaction times and enhanced efficiency, have contributed to this increased activity. Furthermore, the increasing popularity of Friend Tech, a social app that lets users own tailored shares, has ignited additional activity on Base.
Currently, Taiko holds the second spot with a transaction speed of 21.58 transactions per second (TPS), followed closely by Arbitrum at 20.94 TPS and Immutable X at 20.59 TPS. Interestingly, Arbitrum and Base continue to dominate the $36.42 billion total value locked in layer 2 solutions, accounting for $14.5 billion and $6.2 billion respectively. Optimism trails behind with a share of $5.5 billion, while Blast and Mantle hold $1.75 billion and $1.2 billion each.
Ethereum’s price drop
Over the short term, the value of Ethereum is showing signs of fluctuation significantly due to a general downward trend in the cryptocurrency market.
In my current research findings, as I type this, Ethereum (ETH) is trading at approximately $2,665, marking a 3.5% drop over the past day. Simultaneously, the trading volume has dipped by 6.5%, settling around $14 billion. This decrease in the value of ETH might be linked to a possible reduction in its transaction volume due to lower market activity.
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2024-08-15 17:20