Layer 2 activity is growing and already exceeds Ethereum’s core network in several ways.
The cumulative transactions per second (TPS) on the Layer 2 network is higher than on the Ethereum core network. However, this is not the sum of activity on these networks: according to Etherscan, there were 992, 470 transactions on Ethereum as of December 20.
The surge in L2 blockchain activity was reported by research firm Delphi Digital. She added that the leading L2 networks are Arbitrum and Optimism.
According to the chart, Ethereum is currently handling about 12.5 TPS, with the L2 network approaching 15 TPS; L2 activity and TPS peaked at 25 TPS at the end of October.
Layer 2 Network vs. Ethereum
Currently, Ethereum’s TPS numbers are essentially unchanged. Throughput will only increase if the network adopts sharding, which will not happen before the end of 2023.
Industry analytics platform L2beat has launched a new activity tracker for the L2 ecosystem. According to her data, the average core network TPS for ethereum is 11.49, while the L2 TPS is 17.68.
The platform also reported that a total of more than 152 million transactions took place on both tiers of Ethereum. 58% of these are associated with L2.
Outlook for the L2 Ecosystem
The total value of assets blocked (TVL) in the Tier 2 network has declined since August. However, this is not due to the withdrawal of capital, but to the drop in prices of most cryptocurrencies.
According to L2beat, TVL for all L2 networks is $4.25 billion, and Arbitrum continues to be the leader in Tier 2 solutions, boasting a 54% advantage and TVL of $2.3 billion. Optimism is in second place with a TVL of $1.14 billion and a 27% market share. All results could not be downloaded. Repeated retries…