Layer-2 Ethereum Networks Set Record with 7 Million Active Wallets in a Week
While the Ether ETF has just received preliminary approval from the SEC, Layer-2 Ethereum networks are celebrating a new milestone with record numbers of active wallets weekly.
Layer-2 Ethereum Networks Set Record with 7 Million Active Wallets in a Week
Since the beginning of 2024, the market has witnessed an explosion of Layer-2 networks on Ethereum, offering users cheaper fees and faster speeds compared to the mainnet.
This surge is evidenced by the record number of unique wallet addresses interacted with across L2 blockchains: 7 million active wallets in a week.
According to the L2 analytics platform GrowThePie, the number of unique wallet addresses interacting with at least one L2 blockchain network from May 13 to May 19 exceeded 7 million. This figure more than doubles the count from the last week of 2023.
Source: GrowThePie.xyz
Leading the charge is Arbitrum with 3.7 million wallets active in the week, comprising 52% of the total interacting wallet addresses. Following closely is Base with 1.2 million wallets. Both blockchains utilize Optimistic Rollups technology.
In the third and fourth positions are the ZK Rollups candidates zkSync Era and Linea with 955,000 and 893,000 wallets respectively during the corresponding timeframe.
Source: GrowThePie.xyz
Meanwhile, the Ethereum mainnet had 2.1 million active wallets.
L2 networks are not only surpassing the mainnet in user numbers, but also in transaction processing speeds, as demonstrated by Base and zkSync Era overtaking Ethereum for the first time in September 2023.
This trend underscores Ethereum's trajectory to becoming a foundational blockchain platform upon which Layer-2 solutions can build and thrive.
Ethereum co-founder Vitalik Buterin shared this vision as early as October 2020:
"Right now, users have accounts on L1, have ENS names on L1, apps that operate entirely on L1,... but these will have to change to adapt to a world where users have main accounts, balances, assets,... entirely on L2."
This milestone for L2 networks coincides with the SEC's approval of the 19b-4 filings for Ethereum spot ETFs. This decision marks a sharp turnaround by regulators that caught the market off guard.
However, for Ether ETFs to be officially listed, they still await SEC approval of the S-1 filings, estimated to take from several weeks to months.
ETH prices have shown a "sell the news" phenomenon, surging to $3,900 upon rumors of SEC preparation for approval, then gradually declining to around $3,750 at the current time.
1-hour ETH/USDT chart on Binance as of 12:30 PM on May 25, 2024
