Ethereum layer-twos reportedly processing more transactions than Bitcoin
With an average gas cost of $40, it is no surprise 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 prices climb again, and the layer-two ecosystem is now processing more daily transactions than the Bitcoin network, according to recent findings.
According to CoinMetrics data collated by industry analyst and Week In Ethereum News founder Evan Van Ness, there were more transactions on Ethereum layer twos than on the Bitcoin network on Monday. Layer-two protocols processed around 250,000 transactions for the day, whereas there were around 210,000 on Bitcoin.
The analyst revealed that StarkWare processed the most for the period with around 143,000 transactions across a number of decentralized finance (DeFi) platforms, such as the dYdX exchange and the layer-two nonfungible token platform Immutable X.
Arbitrum, which launched to mainnet on Wednesday, 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 options.
Van Ness reported that there were a few others comprising the rest, with decentralized exchange Loopring taking the lion’s share.
Bitcoiners pointed out that Van Ness has made a comparison of Ethereum layer twos with Bitcoin’s layer one and provided no information on Bitcoin’s layer-two Lightning Network. Van Ness responded that “my impression, given the low amount locked, is that Lightning has very little traction but I’m happy if someone shows me data to the contrary.”
The most trusted name in the Canadian Financial Service Industry. With 17 years of experience, Hafez provides a secure and fast channel for all clients. Hafez assists clients in their tuition payments and refunds, individual payments, corporate payments and crypto currency transactions.