By Godspower Owie, Bitcoinist.com, 2024-08-13
The Ethereum network continues to demonstrate its remarkable presence in the cryptocurrency landscape with its scaling progress which popular market expert and head of research at Onchain Foundation, Leon Weidmann has confidently declared unstoppable, highlighting his confidence in the network's potential in revolutionizing the sector.
Ethereum Scaling Prevails In Heightened Market Volatility
In a bold statement, Leon Weidmann, Onchain Foundation's head researcher has proclaimed that the Ethereum network scaling development is unstoppable, solidifying its position in the blockchain space. His statement comes in the midst of prevailing uncertainty and broader market volatility.
Ethereum's Noteworthy Developments in Layer 2 Solutions
Leon highlights Ethereum‘s noteworthy developments in Layer 2 solutions, such as rollups, which are significantly improving the network's scalability and efficiency despite the difficult economic climate and shifting investor attitude.
It is worth noting that Ethereum rollups are layer 2 solutions that gather several transactions from the Ethereum mainnet, process them, and combine them into a single transaction, which is then submitted back to the main chain.
Rollups Processing Significantly More Transactions Than Ethereum Mainchain
According to the market expert, these rollups are currently processing about 300 or 24.93x more Transactions Per Second (TPS), compared to the Ethereum main chain. He further noted that the rise in transactions per second indicates that ETH is producing actual results even in unfavorable market conditions.
The post read:
Despite all the noise and market volatility, Ethereum's scaling progress is unstoppable. Rollups are now processing 24.93x more transactions per second (300 TPS) than the ETH Mainchain. This shows that even in turbulent times, the tech is delivering real results.
Ethereum's Scaling Network Continues to Increase
Ethereum's scaling network has constantly increased after reaching an all-time high of 246.18 TPS in June. This milestone in June was mostly driven by a spike in activity around the Xai network, a new layer 3 scaling technique aimed at gaming apps.
Reports showed that more than 41% of the transactions were made by the Xai network. However, in comparison to other scaling networks such as Arbitrum One and Base, the Total Value Locked (TVL) in Xai is still very small, even after this increase.
Younger ETH Layer 2s Surpasses Old Layer 2s
As Ethereum layer 2 Solutions advances, Leo Waidmann has pointed out an increase in the adoption of young layer 2s networks like Base compared to older ones like Arbitrum One.
Base Network Surpasses Arbitrum One in Active Users
According to the expert, the Base network supported by Coinbase has recorded over 2.64 million weekly active users, despite being just one year old. Meanwhile, Arbitrum One introduced about 3 years ago has seen a lesser number of active users at 1.37 million.
Other Younger Networks Gaining Traction
Furthermore, he noted that other younger networks like Linea and ZkSync Era have also drawn hundreds of thousands of active users in just over a year, and they are just getting started. “The future of ETH scaling is here, and it's evolving much faster than the market currently realizes,” he added.
