Bitcoin News

Layer two of Ethereum reportedly process more transactions than Bitcoin

In recent months, layer-two scaling protocols for Ethereum have increased in popularity. Additionally, according to recent data, the layer-two ecosystem currently processes more everyday transactions than the binary network.

Van Ness’ Statistics

CoinMetrics and Week in Ethereum News creator Evan Van Ness have gathered statistics showing that there were more transactions on Ethereum tier twos than the online Bitcoin network on Monday. Layer-two protocols processed around 250.000 daily transactions, whereas about 210.000 protocols processed Bitcoin.

The researcher disclosed that StarkWare had successfully processed about 143,000 transactions across various DeCF platforms. This includes dYdX and the layer-two non-fungible platform Immutable X.

Around 56,000 transactions were made by Arbitrum, who started mainnet on Wednesday. DeFi has already attracted prominent names, like Aave, Chainlink, and Uniswap, with its newly released Arbitrum One platform. Therefore, investigating many alternatives in layer two.

Optimistic Ethereum, according to the study, had about 28,000 transactions for the day. In July, Uniswap released its v3 protocol on Optimism, providing a two-layer trading platform for Synthetix/Kwenta DeFi.

Van Ness said that the rest included several individuals, while the Lion took the lion’s share from decentralised Loopring.

Bitcoiners Respond

Bitcoiners pointed out that Van Ness compared the Ethereum two with the layer of Bitcoin one. Additionally, supplied Bitcoin’s two-stage Lightning network with no information.

Ness said: “my impression, given the low amount locked, is that Lightning has minimal traction, but I’m happy if someone shows me data to the contrary.”

Ethereum’s strategy lead, Polygon “Sanket”, has broken out some of its network statistics and has shown that smaller transactions dominate. In a tweet on Tuesday, he stated, “45% of all addresses, across all of their transactions that day, were less than $1.45.”

The most economical platform for Ether (ETH) transmission is the Loopring at $0.40. The zkSync Matter Labs cost $0.83 twice, whereas the one cost $2.75 for Arbitrum One and $5.83 for Optimism to transmit ETH on their respective platforms.

However, BitInfoCharts estimated the average gas price of all sorts of transactions to approximately $40 yesterday for nearly $11 for a primary ETH transaction.

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