- Ethereum Layer-2 saw a record 12.42 million daily settlements on August 12, 2024.
- Memecoins on Coinbase’s Base blockchain boosted transaction volume by 700% in six months.
- Stablecoin investments on Layer-2 networks are now 150% higher than Solana and 94% larger than the Binance Smart Chain.
ETH layer-2 network achieved a record high of 12.42 million each day purchases on August 12, 2024. The increase was driven mainly by memecoin activity on Coinbase’s Base blockchain. This growth highlights Ethereum’s ongoing efforts to scale its network and lower transaction costs while reflecting rising user interest in layer-2 solutions for efficient transactions.
Memecoins Boost Transaction Growth
The rise in daily business is primarily due to the growing popularity of memecoins on Coinbase’s Base blockchain. Over the last six months, the Base network experienced a 700% rise in transaction volume. This boost came from token creators who sought the network’s lower costs and faster processing times.
In late July, Basescan reported that daily transactions on Base peaked at over 4 million. This increase shows the impact of specific applications like memecoins in driving up the overall transaction volume within Ethereum’s layer-2 ecosystem. Ethereum’s scaling solutions have grown rapidly and reflect broader adoption trends.
Stablecoin Holdings Grow on Layer-2 Networks
Along with the rise in transactions, Ethereum’s layer-2 networks also saw an increase in stablecoin holdings. Growthepie data reveals that these networks now hold 150% more stablecoins than Solana and 94% more than Binance Smart Chain. This shift suggests users prefer networks offering more efficient transaction options.
The growth in stablecoin adoption also highlights the expanding role of layer-2 solutions in the broader cryptocurrency market. More users are choosing these platforms which makes layer-2 networks increasingly central to the market.
Sharding and Ethereum’s Future Growth
Ethereum’s move toward splitting as part of Ethereum2.0 is expected to further boost scalability. The system will divide the the coin’s blockchain into 64 shard chains, enabling validators to focus on specific shards. This will reduce the workload and improve network efficiency.
Sharding also aims to decentralize the network by allowing more participants to become validators which distributes security and processing power more evenly across the network.
Ether (ETH) Stays Crucial to Network
Ether (ETH) remains essential to Ethereum’s operations as it powers transactions and pays for gas fees. It is earned by stakers who secure the network and serves as a widely traded asset on various exchanges.
ETH’s role in the network is vital as Ethereum evolves with layer-2 solutions and sharding ensuring its continued importance in supporting transactions and network security.
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