March 7, 2024

Surge in Ethereum Layer 2 Activity Sets New Records

Activity on Ethereum layer 2 solutions reached unprecedented levels, with over 4.2 million users engaged in one week.

The Ethereum layer 2 ecosystem is experiencing an explosive surge in activity, reaching new milestones in user engagement.

Data reveals that nearly 4.2 million unique wallets participated in Ethereum layer 2 activity between February 19 and Februari 25. This marks a staggering 930% increase in weekly active users since the beginning of 2023, which started with 412,149 users.

Including the past week, the surge in activity marked the third consecutive week where layer 2 solutions have surpassed 3 million active users.

Number of distinct addresses interacting with one or multiple layer 2s

According to data, the combined throughput of layer 2 solutions ranged between 52.6 transactions per second (TPS) and 131.9 TPS during the last 3 weeks. This activity sets new records, only falling short of the all-time high of 152 TPS on December 16.

In comparison, Ethereum's mainnet handled between 11.4 TPS and 15.1 TPS.

Ethereum L2s and mainnet transactions per second

This surge underscores the success of Ethereum's scaling roadmap, particularly its emphasis on rollup-centric solutions aimed at achieving high throughput and low transaction costs on layer 2, rather than scaling directly on the mainnet.

However, the increase in layer 2 transactions has led to a rise in fees, with fees on the five most active layer 2 solutions jumping between 100% and 320%.

The eagerly awaited Ethereum upgrade, known as Dencun, scheduled to go live on March 13, is expected to significantly reduce transaction costs on layer 2 by introducing binary large objects (blobs) in place of calldata. Speculators participating in the Polymarket prediction market are currently betting that blobs will be over 98% cheaper to produce than calldata.

ZkSync remains the leading layer 2 solution in terms of active users, hosting a record 959,498 unique wallets last week. Arbitrum follows with 580,247 users, Linea with 417,190, Starknet with 315,228, and OP mainnet with 284,857.

Number of distinct addresses interacting per L2

Additionally, ZkSync stood out as the only layer 2 solution to accommodate a larger number of wallets than the combined active users across multiple layer 2 platforms, with 959,498 users engaging in transactions across various layer 2 environments. It's worth noting that the statistics of the ZkSync network may be influenced by individuals capitalizing on airdrop opportunities, aiming to maximize their participation across the ZkSync ecosystem to qualify for potential token distributions from the project.

Linea, developed by Consensys, a leading Ethereum software developer, ranked second in transaction volume, surpassing a milestone of over 1.12 million transactions on February 26, accompanied by a record high of nearly 325,683 active users on March 2nd. The activity on Linea has surged by more than 1,500% since the beginning of February, starting with 68,074 daily transactions.

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