Title: Layer 2 Chains Outpace Ethereum’s On-Chain Transaction Count Article: Since the merge of Ethereum’s blockchain to a Proof-of-Stake (PoS) network, on-chain fees have decreased significantly. On Saturday, January 14, 2023, the combined transaction count on Arbitrum and Optimism layer two (L2) chains surpassed the amount of transactions Ethereum processed that day. Data from Dune Analytics shows that the average Arbitrum transaction costs are approximately $0.101 per transfer, while Optimism transactions cost $0.1410 per transfer. These L2 scaling solutions enable faster transactions and lower costs by reducing computational load on the main blockchain network. Statistics from the same source show that the daily transaction count on both Arbitrum and Optimism has increased by a substantial margin in the past year. For example, Optimism recorded 737,191 transactions on January 14, while Arbitrum had 586,745 transfers. The total transaction count on both L2 networks surpassed the number of direct on-chain transfers Ethereum had on January 10, 2023, which was 1.06 million. On January 14, 2023, the combined transaction count of both L2 networks reached 1.32 million transactions, as compared to 1.10 million transactions on the Ethereum chain. Ethereum still processes a substantial number of transactions per hour, compared to other blockchains. Polygon, for example, had 3.10 million transactions that day, while XRP had 1.25 million settled transactions. The data shows that in the last 12 months, Arbitrum’s daily transaction count has increased by 2,599% and Optimism’s L2 scaling solution daily transfer count has increased by 2,322% since January 2022. This indicates that L2 scaling solutions are becoming more popular, with options such as Polygon, Hermez, Zksync, Boba?, and Starknet, as well as Optimism and Arbitrum.

Since The Merge, Ethereum’s The on-chain fees were much lower. HoweverThe total volume of transactions on the Arbitrum And Optimism The output of on-chain transactions has been outpaced by layer two (L2) chains Ethereum. On Saturday, January 14, 2023, Ethereum 1.10 million transactions were processed on-chain, and combined transactions on Arbitrum And Optimism The number of people who purchased the product was 1.32 million on the same day.

Rise L2 Scaling Solutions Arbitrage And Optimism

OnSince the beginning of the week, -chain transaction charges have fallen significantly August 2022, and more so ever since the blockchain transitioned form a Proof-of-Work (PoW), blockchain to a Proof-of-Stake (PoS) network. On September 15, 2022. Data The gas tracker at etherscan.io shows that the highest priority transaction on-chain ether costs approximately $0.75 or 23 Gwei. Sunday This is at 5:00 PM local time. From the east.

Based Data as of Sunday, January 15, 2023, The average Arbitrum Transaction costs are approximately $0.101 per transfer. Optimism Transaction costs $0.1410 per transfer. Since 2020, L2 scaling solutions are becoming more popular with options such as Polygon Hermez, Zksync, Boba?, and StarknetAs well as Optimism And Arbitrum.

These Solutions allow faster transactions and lower costs by reducing computational load on the main Blockchain network.Ethereum), or layer one (L1). Arbitrum And Optimism Transaktions are “rolled up” These are periodically recorded and kept track of. Ethereum Using an optimistic digest or an optimist virtual machine Statistics From Dune Analytics Show that both L2 networks can be used Arbitrum And OptimismThe number of daily transactions has increased by a large margin in the past year.

For example, Optimism Recorded 737,191 transactions January 14, Arbitrum On the same day, 586 745 transactions were made. Since January 10, 2023, The total transaction count on both Arbitrum And Optimism surpassed the number of direct on chain transfers Ethereum. For Take, for example. January 10, The total transaction count for both L2 networks was 1.12 Million. Ethereum 1.06 Million on-chain transfers processed

On January 14, 2023 according to data from Dune AnalyticsThe combined transaction count of both L2 networks reached 1.32 million transactions, as compared with 1.10 million transactions on the Ethereum chain. Ethereum Still processes a substantial number of transactions per hour, compared to other blockchains. Since June 17, 2020, Ethereum It has processed more than a million transactions daily. HoweverSome other crypto networks have more transactions than the one we use. EthereumXRP, for example, is a cryptocurrency that can be used to buy and sell cryptocurrencies. Polygon.

On January 14, Polygon 3.10 million transactions, and XRP 1.25 millions settled transactions that day. While The L2 Arbitrum And Optimism The daily transaction count for chains has not been exceeded by any other chain. Ethereum, XRP, oder PolygonThey have seen an increase of over 80% in the last twelve months.

For Take, for example. January 15, 2022, Ethereum This day, we processed 1.17 Million transactions. Arbitrum 21734 transfers processed daily, Optimism 30430 transactions were processed per day. The Data shows that in the last 12 months, Arbitrum’s Daily transaction count has increased by 2,599% and Optimism’s L2 scaling solution daily transfer count has increased to 2,322% over the past two years January 2022.

What What impact do L2 scaling solutions have on the future use of blockchain technology and adoption? Let Please let us know your thoughts by leaving comments below.

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Jamie Redman Is the news lead at Bitcoin.com News A fintech journalist who lives in Florida. Redman Since 2011, has been an active part of the cryptocurrency community He Passionate about BitcoinOpen source code and decentralized applications. Since September 2015, Redman Has written more than 6,000 articles. Bitcoin.com News Learn more about the disruptive protocols that are emerging today.