The Ethereum ecosystem has performed strongly in the crypto market recently. On-chain data indicates that layer-two networks have taken on the majority of transaction activities, and the usage of DeFi has also clearly shifted towards L2. This provides more direct support for the recent strength in assets related to ETH, L2, and DeFi.
L2 Daily trading volume approaches 30 million transactions
According to growthepie data, the Ethereum layer-2 network currently processes approximately 29.95 million transactions per day, while the mainnet processes around 1.97 million transactions per day. In terms of the number of transactions, L2 already accounts for about 94% of the total transaction volume of the entire Ethereum L1 and L2 ecosystem.
If measured by computational throughput, L2 has a higher proportion. The current layer-two network accounts for about 97% of the total throughput of the entire Ethereum ecosystem, with a processing capacity of approximately 92.4 million gas units per second, while the mainnet has a capacity of about 2.52 million gas units per second.
Base and Arbitrum occupy the majority of the share
In terms of locked value, the top networks are still attracting more funds. Currently, they account for about $14.51 billion, which is approximately 41% of Ethereum's total value; Arbitrum amounts to around $12.47 billion. The value of Robinhood Chain has increased by over 150% in the past 30 days and has now risen to about $2.8 billion.
The report mentions that ARB has seen a recent increase of over 120%. The market links this to the heightened activity around Robinhood Chain, indicating that the level of activity on the chain has begun to translate into increases in the prices of related tokens.
DeFi transactions are migrated to L2, while funds remain on the mainnet.
In the past 30 days, Ethereum L2 processed approximately 337 million DeFi transactions, accounting for about 99% of the total DeFi transaction volume of Ethereum L1 and L2. Among them, a single application Uniswap generated over 57 million transactions on L2, making it the most active L2 application in terms of the number of transactions.
However, the funds were not migrated synchronously. The Ethereum mainnet currently holds approximately $162 billion in stablecoins, while the total value of all L2 is about $12 billion. Institutional data platforms show that the total locked-up value of Ethereum mainnet DeFi is still close to $49 billion.
This means that the Ethereum ecosystem is forming a clearer division of labor: L2 is responsible for handling high-frequency activities and application interactions, while the mainnet continues to perform the functions of capital settlement and settlement. The report also mentioned that ETH has rebounded to around $2500, and the inflow of funds into Ethereum ETF continues as well.
