Layer two Ethereum processes more transactions than Bitcoin
Layer two Ethereum processes more transactions than Bitcoin Layer two Ethereum processes more transactions than Bitcoin

According to an analyst, Ethereum layer two processed more transactions yesterday than Bitcoin.

Gas prices are still very high

Layer

two scaling protocols for Ethereum have gained popularity in recent months. Gas prices are rising again, and the L2 ecosystem is processing more and more transactions. With the average cost of gas at $40, this is probably not a surprise.

ceny gasu ethereum average cost of gas on the Ethereum network; source: link

According to CoinMetrics data collected by analyst Evan Van Ness, more transactions were processed

on Layer 2 of Ethereum than on the Bitcoin network on September 6. The layer’s protocols processed about 250,000 transactions per day during that time, compared to about 210,000 for BTC.

Van Ness revealed that StarkWare processed the most, around 143,000 transactions across multiple DeFi platforms such as the dYdX exchange and Immutable X’s L2 NFT platform

during this period.

Arbitrum, which launched on the mainnet on September 1, recorded about 56,000 transactions. The newly launched Arbitrum One platform is already attracting big DeFi brands, including Aave, Chainlink and Uniswap

.

Optimistic Ethereum had about 28,000 transactions per day, according to the researcher. Uniswap deployed its v3 protocol on Optimism in July, and also supports the L2 version of p

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of the DeFi Synthetix/Kwenta trading platform.

What about the Lightning Network?

Commentators pointed out that Van Ness made a comparison between layer two of ETH and layer one of BTC and did not provide any information about Bitcoin’s second layer, the Lightning Network. Van Ness responded that “my impression, given the low amount blocked, is that Lightning has very low traction, but I will be happy if someone shows me data to the contrary.”

The head of strategy at Ethereum tier two technology aggregator Polygon, “Sanket,” disputed some of the statistics revealing that smaller transactions dominated. In a tweet on September 7, he stated that “45% of all total transactions transferred below $1.45 that day.”

According to L2fees, the most cost-effective platform to transfer Ethereum remains Loopring, with an ETH transfer cost of just $0.40. zkSync from Matter Labs has twice the cost at $0.83, Arbitrum One at $2.75, and Optimism at $5.83 for sending ETH to the respective platforms.

According to the site’s indication, Ethereum itself is quoting nearly $11 for a simple ETH transfer, but Bitinfocharts yesterday reported the average gas cost for all types of transactions at around $40.

source of title graphic: link

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From the Editor

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