Ethereum is Finally Scaling on Layer-2s, Record 450M Transactions in a Month

Ethereum is experiencing a major scaling boost, with Layer 2 (L2) solutions reaching over 450 million monthly transactions. This figure is more than eight times higher than what was recorded in the same period last year.

#Ethereum Layer 2 just smashed through 450 million transactions in a month!📈

That’s over 8x last year’s volume, with @base and @taikoxyz leading the way.

Layer 2 scaling is no longer a promise—it’s here, and it’s massive.🌐 pic.twitter.com/sEXh91IOAm

— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) November 11, 2024

Reports show that Layer 2 platforms like Base (Coinbase’s Layer 2 network) and Taiko are driving the shift. Over the past 30 days, Base has processed 182.39 million transactions, marking a 25% increase, while Taiko has seen a substantial 164% rise, reaching 100.68 million transactions.

Supporting the trend, analytics firm IntoTheBlock reported rising transaction volumes across Layer 2 networks Base, Arbitrum, and Optimism, with Base showing the fastest growth. Together, the three platforms now handle nearly 50 million weekly transactions, reflecting the growing demand for faster, cost-effective Ethereum solutions.

Base Transaction Volume Hits All-Time High

Data from on-chain sources highlighted that Base recently hit a record-breaking daily transaction volume of 7,369,937. Since its launch, Base has processed more than a billion transactions. Its rapid growth rate shows no signs of slowing, and its daily transaction count remains unrivaled in the market.

Base has also become the largest rollup by total value locked (TVL), as shown by DeFiLlama data. Its TVL is approximately $2.97 billion across 366 protocols, slightly exceeding Arbitrum’s $2.81 billion. A significant portion of Base’s TVL is attributed to Aerodrome, a decentralized exchange on the network, which alone holds over $1.4 billion in assets.

Growth in User Activity

The Base network is now among the top five blockchain networks by TVL, ranking just behind prominent Layer 1 chains such as Ethereum, Tron, Solana, and BNB Chain. Operating as an optimistic rollup through the OP Stack, Base handles transactions off-chain and periodically commits data to the Ethereum mainnet.

Base’s impressive growth is also evident in its user activity. According to a report by CoinTab, Base’s daily active addresses surpassed 2 million in September, outperforming other Layer 2 networks. Key factors contributing to the surge include airdrop programs, the increasing adoption of cbBTC (Coinbase’s wrapped Bitcoin on Base), and the introduction of Basenames, which allow users to create unique blockchain identities.