Layer-2s On the Increase As zkSync Era And Base Surpasses Ethereum By TPS

Layer-2s On the Increase As zkSync Era And Base Surpasses Ethereum By TPS

The cryptocurrency market has embraced layer-2 scaling solutions, with Base and zkSync Era systems surpassing Ethereum by Transactions Per Second (TPS). This change underlines the growing significance of Layer-2 solutions in resolving Ethereum’s scalability issues and enhancing blockchain networks’ effectiveness.

Base and zkSync Era had remarkable TPS numbers of 12.93 and 12.62 during the last 24 hours, according to data from the Layer-2 analytics platform L2Beat. These numbers represent a substantial improvement in transaction throughput over Ethereum’s Layer-1 network, which has experienced congestion and rising gas prices.

News also has it that Optimism, the creators of zkSync, has not only made available its layer-2 network but has also given blockchain projects access to a whole tech stack so others may set up their own layer-2 networks.

The Shiba-Inu-backed network, which has gathered over two million wallets since its introduction, is another example of the growing popularity of Layer-2 solutions. The network hopes to reach the three million transaction milestone within a month of its launch, showing a significant demand among users and developers for layer-2 scaling solutions.

Starknet and Arbitrum One Makes The Top Layer-2 Solutions, Increase In Popularity

The final two Layer-2 solutions in the top five are Starknet and Arbitrum One, with TPS values of 9.79 and 4.90, respectively. These platforms are also essential in reducing Ethereum’s Layer-1 network’s congestion and high transaction costs.

Explaining this development, an analysis of The Crypto Basics platform said that the limitations of Ethereum, such as the lengthy transaction processing times and high transaction costs, are addressed via layer-2 scaling solutions. These solutions provide quicker and more affordable transactions by building on Ethereum’s foundation, making it easier for users and decentralized applications (DApps) to connect with the blockchain.

Prasanna Peshkar with CryptoTicker joined the conversation, adding that the popularity of Layer-2 products like Base, zkSync Era, and Optimism demonstrates how much work is still being done to improve user experience and lower entry barriers for blockchain technology. According to Peshkar, these platforms help blockchain applications become more widely used by drastically raising TPS and lowering transaction costs.

Ethereum To Switch To PoS Following Ethereum 2.0 Upgrade

With the impending Ethereum 2.0 upgrade, Ethereum will switch to a Proof-of-Stake (PoS) consensus method, which is anticipated to increase scalability substantially. However, Layer-2 solutions are essential in addressing Ethereum’s scalability issues and promoting the expansion of the decentralized ecosystem.

Sometime last month, Base was reported to have gone through a significant increase in it’s activities with the help of a decentralized social media platform. Base was reported to have had a $19 million in trading volume, compelling its counterparts on layer-2 blockchain to aim higher.

Observation of the activities shows that a  maturing market for cryptocurrencies can be seen in the introduction of Layer-2 solutions as high-performing alternatives to Ethereum’s Layer-1 network. It was also gathered that the Base layer-2 network is an idea of Coinbase. It was created with a technology from Optimism: a scalability-focused startup.

Optimism also revealed that it still offers token OP and layer-2 networks while it empowers the blockchain projects using stack technology in deploying their network. Meanwhile, latest data from Crypto Potato has it that the Base has attracted almost $380 million in assets, recording a total trading volume of over $20 million the previous week.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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