Ethereum’s layer two scaling protocols have increased in adoption in recent months as gas prices rise again, and the layer two ecosystem is now processing more daily transactions than the Bitcoin network, according to recent results.
According to CoinMetrics data collected by industry analyst and founder of Week In Ethereum News, Evan van ness, there were more transactions on Ethereum layer two than on the Bitcoin network on Monday. Layer two protocols processed around 250,000 transactions per day, while there were around 210,000 in Bitcoin.
– Evan Van Ness (@evan_van_ness) September 6, 2021
There are already more daily transactions on Ethereum layer 2 (~ 250k) than on Bitcoin (~ 210k yesterday according to @coinmetrics) $ ETH layer 2 is just beginning “
The analyst revealed that StarkWare was the one that processed the most in the period, with some 143,000 transactions on various decentralized finance (DeFi) platforms, such as the dYdX exchange and the layer two non-fungible token platform Immutable X.
Arbitrum, which was released on the mainnet on Wednesday, had about 56,000 transactions. Its newly launched Arbitrum One platform is already attracting big names in DeFi, including Aave, Chainlink, and Uniswap, which is exploring various layer two options.
Optimistic Ethereum had around 28,000 transactions during the day according to the researcher. Uniswap rolled out its v3 protocol on Optimism in July, also powering a layer two version of the Synthetix / Kwenta DeFi trading platform.
Van Ness reported that there were a few others who understood the rest, with decentralized exchange Loopring taking most of it.
Bitcoiners noted that Van Ness has made a comparison of Ethereum’s layer two to Bitcoin’s layer one and did not provide information on Bitcoin’s layer two Lightning network. Van Ness replied that “my impression, given the low amount blocked, is that Lightning has very little traction, but I’m happy if someone shows me data in the opposite direction.”
The strategy leader in Ethereum’s layer two technology aggregator, Polygon “Sanket”, broke down some of the network stats, revealing that smaller transactions were dominant. In a tweet on Tuesday, he stated: “45% of all addresses, in all their transactions that day, had less than $ 1.45”.
According to the L2 rates, Loopring is still the most profitable platform to transfer Ether (ETH) costing only $ 0.40 at the time of writing this article. Matter Labs’ zkSync was around twice the cost at $ 0.83, while Arbitrum One was $ 2.75 and Optimism was $ 5.83 to send ETH on their respective platforms.
Ether itself costs almost $ 11 for a simple ETH transfer, however, BitInfoCharts reported that the average cost of gas for all types of transactions was around $ 40 yesterday.