Bitcoin
BTC$64 281.02

-0.74%

Ethereum
ETH$3 503.03

-0.11%

Tether
USDT$0.999382

0.01%

Binance Coin
BNB$583.59

-0.50%

Solana
SOL$134.72

1.24%

USD Coin
USDC$0.999969

0%

Ethereum layer-twos reportedly processing more transactions than Bitcoin


07 Sep 2021

#Ethereum

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. Optimistic Ethereum had around 28,000 transactions for the day according to the researcher. Uniswap deployed its v3 protocol on Optimism in July, it also powers a layer two version of the Synthetix/Kwenta DeFi trading platform.

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.”

Strategy lead at Ethereum layer-two technology aggregator Polygon “Sanket” broke down some of the statistics for the network, revealing that smaller transactions were dominant. In a tweet on Tuesday, he stated, “45% of all addresses, across all of their transactions that day, were less than $1.45.”

According to L2 Fees, Loopring remains the most cost-effective platform for transferring Ether (ETH) costing just $0.40 at the time of writing. Matter Labs’ zkSync was around double the cost at $0.83, while Arbitrum One cost $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 the average gas cost for all transaction types at around $40 yesterday.


Related

Crypto may be ready for a new leg down
Crypto may be ready for a new leg down
Cryptocurrencies wait for a signal
Cryptocurrencies wait for a signal
What are dynamic NFTs?: Use cases and examples
What are dynamic NFTs?: Use cases and examples
Shanghai Upgrade Fires Up ETH and Altcoins
Shanghai Upgrade Fires Up ETH and Altcoins
Challenges of data accessibility in the NFT market
Challenges of data accessibility in the NFT market
Is the A.I. revolution about to pump Nvidia stocks?
Is the A.I. revolution about to pump Nvidia stocks?
Five tips for investing during a global recession
Five tips for investing during a global recession
What is NFT ticketing and how does it work?
What is NFT ticketing and how does it work?
The crypto market is cheaper than a trillion again
The crypto market is cheaper than a trillion again

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 17 $64 281.02 -0.74% -2.87% $1 267 309 855 276 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.6% 22 $3 503.03 -0.11% 0.57% $428 336 932 629 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999382 0.01% -0.01% $112 821 536 179 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 26 $583.59 -0.50% -3.16% $86 118 467 479 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 62 $134.72 1.24% -6.22% $62 241 107 190 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 3 $0.999969 0% 0% $32 729 450 112 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.8% 33 $0.488000 -0.20% 2.68% $27 141 690 253 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 76 $0.124225 -0.04% -8.03% $17 988 814 267 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.6% 59 $7.10 -0.48% -12.07% $17 464 050 127 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 72.4% 61 $0.376540 -2.50% -8.29% $13 456 943 133 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 63.6% 73 $27.28 -1.70% -9.96% $10 740 352 979 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.6% 94 $0.000018 -0.57% -11.10% $10 569 562 911 SHIB 7 days price change
13 TRON (TRX) TRX TRON predictions 95.2% 1 $0.118022 1.14% 1.42% $10 296 940 484 TRX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 91.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.