A company called Glassnode that studies blockchains says that in the first half of 2024, the number of daily active addresses on Ethereum and its linked layer-2 (L2) blockchains increased by 127%. At the same time, on-chain action shot through the roof in the second quarter of the year, while the number of daily active addresses dropped by 20%.
In 2024, the blockchain world grew quickly, with ETH being the most prominent player. The study says that the significant rise in ETH and L2 stuff is because more people use the main L2 sites. Using these L2 options instead of Ethereum’s layer-1 network is better since they are faster and less expensive. They are made with ETH in mind.
Deals are made on the second blockchain level’s networks before data is sent to the main ETH network. Because of this, the records are safe and can’t be changed. This may allow Ethereum’s main network to grow faster, and transfers will cost less.
With 1.8 million coins each, the Ethereum tracking tool shows that Growthepie, Linea, Base, and Arbitrum are the addresses used the most daily.
Ethereum Founder Highlights L2 Importance, Growth
Ethereum’s founder, Vitalik Buterin, talked about how important L2s were becoming in May 2024. He called them the “ultimate playing field for action” for big stars and NFT fans. L2s have found ways to grow that help them pass the Ethereum mainnet faster and for less money. This is because working with L2 is fun.
According to data from Coinbase and Glassnode, transactions on ETH and L2 increased by 59% in the second quarter of 2024. Most of this growth occurred on L2 computers.
The study shows that the move to Onchain is being driven by different types of use cases, such as loans, staking, and trade. As these tools become better known and new ones come out, more people will use them.
In the second quarter of 2024, there were 58% fewer transaction fees on ETH, even though there were many more interactions. This fee drop happened after the Dencun upgrade in March 2024. This update was a big part of making it easier and cheaper to send Ethereum.
People who used Bitcoin stopped using it, but Ethereum and its L2s did well. Daily use of Bitcoin names and groups dropped by 20% and 16% in the second quarter of 2024. Since these two things are different, people who use cryptocurrency are moving their attention from the more stable Bitcoin network to the more stable Ethereum network.
There are a lot more Ethereum and L2 addresses now than there were before. This shows that flexible options are used often, and blockchain technology is bustling. As long as it keeps improving and transaction fees go down, ETH will stay at the top of the blockchain world. This will help it get more use and find new purposes.
