Ethereum Layer 2 Daily Transaction Volume Hits Record High
CryptoNewsTerminal Staff13 Aug, 2024
Ethereum Layer 2 Daily Transaction Volume Hits Record High
Ethereum (ETH) Layer 2 ecosystem recorded a record-breaking 12.42 million daily transactions on August 12 (local time). This surge is primarily driven by the Coinbase's Layer 2 network, Base, which has witnessed a 700% increase in its daily transaction volume over the past six months. The influx of users creating meme coins on the Base network is believed to be a major contributing factor to this growth. Layer 2 solutions play a crucial role in scaling the Ethereum network by processing transactions off-chain and reducing gas fees for users. The growing popularity of Layer 2 solutions like Base is a testament to the increasing demand for scalable and cost-effective blockchain solutions.
