Crypto News – According to Messari’s most recent State of Ethereum report, 61% of all transactions on Ethereum were conducted on Layer-2 networks, which accounted for the majority of activity in the third quarter.
According to the State of Ethereum Report, Analyst Kunal Goel Talks about Layer-2 Blockchains
The spectacular debut of Base, which momentarily surpassed the volume of transactions taking place on Ethereum’s mainnet, and the surprising success of the Friend.tech social token platform, according to Kunal Goel, senior research analyst at Messari, were the causes of the uptick.
The most impressive thing is Base’s quick growth and how just one app can turn things around for any blockchain.
Goel
According to him, new chains can experience a cold start issue, but fortunately for Base, Friend.tech assisted in bringing on a large number of users and funds.
Users need developers to make good apps, and developers need users to want to launch apps. It’s very good for Base that Friend.tech chose it for launch. It is still a bear market, and interest and enthusiasm across the board is low.
Goel
What Do the Statistics on the Dune Dashboard Say?
According to a Dune dashboard by 21.co, Base, an incubator project of Coinbase, has grown significantly from its early August introduction and currently has a total value locked (TVL) of $448 million. With Arbitrum, Optimism, and zkSync Era as its top three competitors, this clearly places it among the top four layer-2 solutions.
With an average of 600,000 daily transactions, Arbitrum maintains its position as the Ethereum protocol that consumers use the most, outpacing its two biggest rivals, Base and Optimism, by a factor of 200,000. The third quarter saw a 36% decrease in transactions as a result of these two, according to Goel.
A significant lead for Arbitrum in terms of TVL is also seen on the Dune dashboard of 21.co. Its $4.22 billion is over three times as much as Optimism’s $1.27 billion, which comes in second. Despite this, both companies’ market capitalizations have been fluctuating recently. According to Coingecko, the former is now ahead by $30 million, with a market cap of $1.067 billion. On the other hand, Goel argues that it is not surprising that Layer-2s are leading in transaction throughput.
Eliezer Ndinga’s Statements
According to Eliezer Ndinga, head of research at 21.co, these scaling solutions are comparable to how bandwidth stretched the limits of what was feasible on the Internet during the dial-up era when websites took minutes to load in a web browser. This layer-2 technology, according to the expert, is a force to be reckoned with, especially when respectable financial organizations begin to use it.
The greater activity there is on L2s, the higher their market caps, the higher security they want from Ethereum, and the higher demand for Ethereum’s data availability service. My long-term view is that all DEX trades should move to L2s as lower transaction fees help the most with high-velocity transactions,
Ndinga
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