Ethereum's layer two networks reach a new all-time high with over 900 million transactions in November

Source: Criptonoticias Original Title: Ethereum layers receive an influx of transactions like never before in its history Original Link: https://www.criptonoticias.com/tecnologia/capas-ethereum-afluente-transacciones-nunca-historia/

Record Growth in L2 Transactions

During November, the second layer networks (L2) of Ethereum surpassed 900 million transactions, marking the highest monthly volume recorded in the entire history of those chains.

This month marked the fourth consecutive month of growth in transactions processed by L2 networks. In October, the set of these networks had reached 817 million transactions. The jump in November implies a growth of nearly 10%, extending a trend that has already accumulated four consecutive months of increases.

Base Leadership and Other L2

Each of these networks, including Base, opBNB, Arbitrum One, Soneium, World Chain, or OP Mainnet, contributes a significant portion to the monthly total.

Base, the most operated L2 of all those chains, contributed nearly 454 million transactions and regained its position as the most used. It was followed by opBNB with nearly 115 million and Arbitrum One, with over 90 million.

Advantages of Operating on L2

L2s process transactions and interactions off the main chain, then settle on L1. This design makes them significantly faster and much cheaper compared to executing everything directly on the base Ethereum network.

For example, Base produces blocks, on average, every 2 seconds and charges fees of 0.00034 gwei per transaction. Gwei is the unit of measurement for gas on Ethereum, which determines the fees. With a price of 2,800 dollars per ether (ETH), 0.00034 gwei is equivalent to a minimal fraction: USD 0.0000000001.

On L1, even with low fees, the cost is around 0.034 gwei, which is USD 0.0000000952. In practical terms, operating on L1 is about 100 times more expensive than doing so on Base.

Future of Scalability

On the other hand, the new network update will enhance the scalability of L2s, so the adoption gap between both layers could increase.

Finally, Ethereum's main layer processed approximately 45 million transactions in November. The figure represents a 6% drop from the 48 million in October.