Ethereum layer-twos reportedly processing more transactions than BTC

Two-tier scale protocols for Ethereum have grown adoptively in recent months as gas prices rise again, and the L2 ecosystem is now processing more day-to-day transactions than the Bitcoin network according to recent findings.

According to CoinMetrics data collected by industry analyst and Week In Ethereum News founder Evan Van Ness, there were more transactions on Ethereum layer two than on the Bitcoin network on September 6th. Two-tier protocols processed about 250,000 transactions during the day while there were about 210,000 on BTC.

Fun fact:

There are already more daily transactions on Ethereum layer 2 (~ 250k) than on Bitcoin (~ 210k yesterday per.) @coinmetrics) $ ETH layer2 is just beginning

– Evan Van Ness (@evan_van_ness) September 6, 2021

The analyst revealed that StarkWare processed most of the period with about 143,000 transactions across a number of DeFi platforms such as the dYdX exchange and the L2 NFT Immutable X platform.

Arbitrum, launched to mainnet on 1 September, had around 56,000 transactions. Its newly launched Arbitrum One platform is already attracting big names in DeFi including Aave, Chainlink and Uniswap, which explores several layered two options.

Optimistic Ethereum had about 28,000 transactions per day according to the researcher. Uniswap deployed its v3 protocol on Optimism in July, it is also running an L2 version of the Synthetix / Kwenta DeFi trading platform.

Van Ness reported that there are a few others that make up the rest, with a decentralized exchange Loopring taking up most of it.

Bitcoinists pointed out that Van Ness made a comparison of ETH two-layer with the first layer of BTC and did not give information about the Light-Network of Bitcoin two-layer. Van Ness replied that “my impression, considering the low amount locked in, is that Lightning has very little traction, but I’m happy if someone shows me data to the contrary.”

Related: A solution to scale Ethereum ‘100X’ is coming soon and will succeed until Eth2: Vitalik

A strategic lead at Ethereum layer-two-technology aggregator Polygon, “Sanket,” broke some statistics for the network, revealing that smaller transactions dominated. In tweet on September 7, he stated “45% of all addresses, through all of his transactions on that day, were less than $ 1.45.”

According to L2fees, Loopring remains the most cost-effective platform to transfer Ethereum costing only $ 0.40 at the time of writing. Matter Labs ’ZkSync was about double cost at $ 0.83 while Arbitrum One cost $ 2.75, and Optimism was $ 5.83 to send ETH on their respective platforms.

Ethereum itself costs nearly $ 11 for a simple ETH delivery, however Bitinfocharts reported the average cost of gas for all transaction types around $ 40 yesterday.