How Busy Are Ethereum L2 Networks?

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Today, we're diving into a chart all about blockchain scalability. We'll be exploring the transactions over the past year on Ethereum L2s. But before we get started, let's break it down—what exactly is an L2?

Think of it this way: an L2 is like a supercharger for Ethereum. It helps solve the issue of scaling by making transactions quicker and more affordable, all while keeping the same level of security as Ethereum itself.

Base: Developed by Coinbase, this platform has gained significant popularity due to three main factors: a large developer community creating diverse applications, seamless and affordable bridging with Coinbase and Coinbase Wallet, and the straightforward use of ETH as the primary transaction coin.

Arbitrum: Renowned for its high level of decentralization, Arbitrum is particularly notable for its extensive range of financial applications, with most transactions occurring within the DeFi sector.

Optimism: This platform aims to create a new internet centered around 'public goods.' It's well-known for funding numerous open-source projects, and its technology underpins other L2s (all the ones in this list).

Blast: Launched by the team behind Blur.io, Blast has recently attracted attention by offering a gaming twist to airdrop farmers. Although it's the newest platform on the list, its success will hinge on innovative applications and providing returns to its users.

Zora: Unique in its exclusive focus on NFTs, Zora integrates with other blockchains, pioneered a whole system to reward third parties and popularized the Zora mint (almost free mints). Thanks to these innovations, it has seen increasing adoption throughout 2024.

*There are many more L2s, but I focused on those using the OP stack and have a relevant amount of transactions.

L2s Insights

Leading the pack is Base, boasting nearly 3.5 million daily transactions.

Despite being just four months old, Blast has quickly climbed the ranks, even surpassing 1 million daily transactions on a few days in June.

Arbitrum has enjoyed steady growth over the past year, hitting a peak of 2.64 million daily transactions in June 2024.

Zora experienced a significant surge in April, nearing 1 million daily transactions, but has since settled around the 150,000 mark.