As gas prices rise again, layer-two scaling protocols for Ethereum are seeing increased adoption. According to recent findings, the L2 ecosystem now processes more transactions per day than the Bitcoin network.
CoinMetrics data, which Evan Van Ness (an industry analyst) collated by Week In Ethereum News founder Evan Van Ness shows that there were more transactions on Ethereum Layer-two than on Bitcoin on Sept. 6. Layer-two protocols handled around 250,000 transactions per day, whereas BTC processed approximately 210,000 transactions.
Daily transactions are now more frequent on Ethereum’s layer2 than on Bitcoin (250k per @coinmetrics). $ETH layer2 is just getting begun– Evan Van Ness (@evan_van_ness) September 6, 2021
StarkWare was the largest processor for the period, with approximately 143,000 transactions across several DeFi platforms like the dYdX and the ImmutableX L2 NFT platforms.
Arbitrum had approximately 56,000 transactions when it launched to the mainnet on September 1. The newly launched Arbitrum One platform has attracted many big names in DeFi such as Chainlink, Aave and Uniswap. It is also exploring layer two options.
According to the researcher, Optimistic Ethereum had approximately 28,000 transactions per day. Uniswap’s v3 protocol was deployed on Optimism by the researcher in July. It also powers a L2 Synthetix/Kwenta trading platform.
Van Ness stated that there were some others who made up the remainder, with Loopring decentralized exchange taking the lion’s share.
Bitcoiners raised concerns that Van Ness made a comparison between ETH layer twos and BTC’s level-one, but provided no information about Bitcoin’s layer-2 Lightning Network. Van Ness stated that his impression is that Lightning has very limited traction, but he would be happy to provide data to prove the contrary.
Similar:Solution to scale Ethereum 100X is imminent. It will get us through Eth2: Vitalik
“Sanket”, the strategy lead at Ethereum layer two technology aggregator Polygon broke down some statistics to show that smaller transactions were more dominant. He tweeted on Sept. 7 that “45%” of all addresses were below $1.45 across all transactions.
Loopring, which costs $0.40 per transaction according to L2fees is still the best-value platform for Ethereum transfers. Matter Labs’s zkSync cost $0.83, while Arbitrum One cost $2.75 and Optimism cost $5.83 to send Ethereum on their respective platforms.
Ethereum costs $11 to send ETH. Bitinfocharts reports that the average cost of gas for all types of transactions was $40.