Second layer solutions increasingly used on Ethereum
This milestone was highlighted by Evan Van Ness, an analyst and founder of WeekinEthNews. According to him,Ethereum ‘s second-layer solutions processed 250,000 transactions the day before yesterday, more than the Bitcoin network, which processed 210,000 transactions in the same period.
Starkware had the highest number of transactions (143,000), followed by Arbitrum, with 56,000 transactions, then Optimism, which handled 28,000 transactions. The rest were handled by other Layer 2s, including Loopring. Van Ness says he did not include the Lightning Network because he did not think it would be large enough to be meaningful.
Read more in the Cryptoast podcast – DeFi and scalability: an update on the different layers of ETH
Unavoidable solutions in the face of still exorbitant costs
Ethereum’s second-layer solutions allow users of the payment network to reduce transaction fees, which have reached particularly high levels in recent months. On September 3, the average fee per transaction exceeded $50:
Layer 2s are succeeding in significantly lowering these fees: Loopring currently allows ETH transfers for $0.40 on average, and Arbitrum allows the same for $2.75.
As a manager at layer 2 aggregator Polygon notes, second-layer solutions are unsurprisingly used for “small” transfers. 45% of all Polygon network addresses transfer less than $1.45, and 65% transfer less than $100.
The rise of layer 2 is no accident. Ethereum’s competitors like Cardano (ADA) or Solana (SOL) are making news right now. And if they do not threaten the hegemony of the largest blockchain for the moment, they attract the eyes of users tired of the huge fees. So second-layer solutions are no longer a luxury for Ethereum, but a necessity.
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About the author : Marine Debelloir
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Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.