Ethereum layer-2 networks have achieved a significant milestone, recording 12.52 million transactions on August 13. This new all-time high surpasses the previous record of 11.5 million transactions set on April 4. After experiencing a dip in activity between late April and early June, the transaction count rebounded in mid-June and has maintained a high volume despite market uncertainties.

Leading the Ethereum L2 networks is Coinbase’s Base, which accounted for 3.98 million transactions on the record-setting day. This performance is noteworthy, considering Base has been operational for just over a year. Arbitrum One followed closely, with 1.79 million transactions on the same day. These two networks were the only ones to exceed the 1 million transaction mark. OP Mainnet came in third with 487,820 transactions, while Linea secured the fourth spot with 409,520 transactions.

In addition to the surge in transaction counts, the stablecoin market cap on Ethereum L2s has grown significantly, reaching $9.69 billion. However, despite the increase in transactions and stablecoin market cap, user fees have dramatically declined. On August 13, users paid only $171,514 in fees, a sharp drop from the $4.2 million peak recorded on March 5.

The 96% drop in fees suggests that while activity on L2 networks is increasing, the cost to users is decreasing, especially during periods of market volatility.

Cumulative active addresses on these L2 networks have also declined by 16.23% over the past week, totaling 5.29 million unique wallets. The six leading Ethereum L2 networks—Base, Arbitrum One, Linea, OP Mainnet, Scroll, and zkSync Era—showed varying performance metrics regarding active wallet addresses and cross-chain activity.

Base recorded 3.25 million weekly active addresses, although only 9.1% of its activity was cross-chain. Arbitrum One, nearly three years old, maintained a strong position with 1.11 million weekly active addresses. Linea, a one-year-old ZK Rollup, saw growth with 493,570 weekly active addresses, with 43.6% of its activity involving multi-chain transactions. Optimistic Rollup OP Mainnet had 315,320 weekly active addresses.

Scroll, still in its infancy at nine months, attracted 272,290 weekly active addresses, with 61.4% of its transactions involving multi-chain activities—the highest among the top six L2s. zkSync Era, another ZK Rollup, recorded 261,260 weekly active addresses.

Stay updated with the latest in cryptocurrency news and trends on Global Crypto News.

Post Views: 4