The latest market data analysis indicates that Ethereum’s layer-two scaling protocols have significantly surged in adoption over recent months, with the L2 ecosystem now processing more daily transactions compared to the Bitcoin network.
In a September 6 analytic report published on CoinMetrics, a renowned analyst and Week In Ethereum News founder, Evan Van Ness, mentioned that there were more transactions on the Ethereum layer-two protocol than on the Bitcoin network.
Layer-two protocols processed around 250,000 daily transactions, whereas there were roughly 210,000 transactions on the Bitcoin network over the same period:
Fun fact:
There are already more daily transactions on Ethereum's layer2 (~250k) than on Bitcoin (~210k yesterday per @coinmetrics) $ETH layer2 is just getting started
🚀
— Evan Van Ness 🦇🔊 (@evan_van_ness) September 6, 2021
The top analyst detailed that StarkWave, one of the incorporated platforms on Ethereum layer-two mainnet, processed the highest daily transaction at roughly143,000 across several decentralized finance (DeFi) platforms such as the dYdX exchange and the L2 NFT platform Immutable X.
Arbitrum One, an Ethereum-based layer-two scaling solution, has emerged the second at 56,000 daily transactions with its September 1 launched scaling platform attracting big names in DeFi space, including Aave, Chainlink, and Uniswap.
According to Van Ness, the Optimistic Ethereum option recorded 28,000 daily transactions taking the third position on transaction rate. In July, Uniswap taped v3 protocol on Optimism before powering an L2 version of the Synthetix/Kwenta DeFi trading platform.
Van Ness also reported few other network options, including Loopring taking the largest share in daily transaction rates.
While commenting about the report, Bitcoiners argued that Van Ness made his comparison of ETH layer-twos with BTC’s layer-one and provided little information on Bitcoin’s layer-two lightning Network. But, Van Ness refuted those claims, stating:
“My impression, given the low amount locked, is that Lightning has very little traction, but I’m happy if someone shows me data to the contrary.”
On the other hand, Sanket, the strategy lead at Ethereum layer-two technology aggregator Polygon, broke down some statistics for the network revealing that smaller transactions were dominant. He tweeted:
“45% of all addresses, across all of their transactions that day, were less than $1.45.”
In a related analysis, Loopring remained the most cost-effective platform for transferring Ethereum with just $0.40 at the time of publishing. Matter Labs zkSync doubled the cost at $0.83, while Arbtrum One cost $2.75, and Optimism cost $5.83 to send ETH on their respective platforms.
In the same context, the Ethereum network cost $11 for a simple ETH transfer, with Bitinfocharts, an analytic firm, reporting average gas cost for all transaction types stood at around $40 on September 6.
