With an average gas cost of $40, it’s no shock that layer-two platforms are surging in terms of usage.
Layer-two scaling protocols for Ethereum have surged in adoption in recent months as gas costs climb again, and the L2 ecosystem is now processing more daily transactions than the Bitcoin network in response to recent findings.
In keeping with CoinMetrics data collated by industry analyst and Week In Ethereum News founder Evan Van Ness, there have been extra transactions on Ethereum layer-two than on the Bitcoin network on Sept. 6. Layer-two protocols processed around 250,000 transactions for the day whereas there were around 210,000 on BTC.
The analyst revealed that StarkWare processed the most for the period with around 143,000 transactions throughout various DeFi platforms such as the dYdX exchange, and the L2 NFT platform Immutable X.
Arbitrum, which launched to mainnet on Sept. 1, had around 56,000 transactions. Its newly launched Arbitrum One platform is already attracting big names in DeFi including Aave, Chainlink, and Uniswap which is exploring several layer two choices.
Optimistic Ethereum had around 28,000 transactions for the day in response to the researcher. Uniswap deployed its v3 protocol on Optimism in July, it additionally powers an L2 model of the Synthetix/Kwenta DeFi trading platform.
Van Ness reported that there have been a number of others eth comprising the remainder with decentralized exchange Loopring taking the lion’s share.
Bitcoiners identified that Van Ness has made a comparison of ETH layer-twos with BTC’s layer-one and provided no information on Bitcoin’s layer-two Lightning Network. Van Ness responded that “my impression, given the low quantity locked, is that Lightning has little or no traction however I am blissful if somebody reveals me information on the contrary.”
Technique lead at Ethereum layer-two technology aggregator Polygon, “Sanket”, broke down among the statistics for the network revealing that smaller transactions were dominant. In a tweet on Sept. 7, he said “45% of all addresses, throughout all of their transactions that day, have been lower than $1.45.”
According to L2fees, Loopring remains probably the most cost-effective platform for transferring Ethereum costing just $0.40 at the time of writing. Matter Labs’ zkSync was around double the cost at $0.83 while Arbitrum One price $2.75, and Optimism was $5.83 to send ETH on their respective platforms.
Ethereum itself prices nearly $11 for an easy ETH transfer, nonetheless, Bitinfocharts reported the typical fuel price for all transaction types at around $40 yesterday.