What drives Ethereum's 32 million transactions on L2s?

• Increased coin activity on Base contributed to the rally.
• The increase in active addresses could improve the number in the coming weeks.

Layer 2 projects built on Ethereum [ETH] Blockchain is like a polygon [MATIC] There has been a surge in activity on the chain.

According to IntoTheBlock, Transactions On the networks it has reached 32 million every week since Dencun's promotion.

However, the 32 million transactions were not for Polygon alone, but included Base and Arbitrum [OP]And optimism [OP].

Source: X

Ethereum completed the Dencun upgrade on March 13. For starters, the upgrade helped reduce costs on Layer 2 networks. Therefore, it was expected that activity would increase.

No more gatekeeping

Having that number over the past three weeks has been tremendous. However, it was proof that the development goals were successful, as new entrants did not have to worry about exorbitant gas fees.

When AMBCrypto analyzed the data, we noticed that Polygon led on several metrics. But Base kept her in her wake. For example, transactions on Polygon reached 4 million on April 5th.

On the other hand, the base was 3 million while Arbitrum was 1.5 million and 801,400 respectively. However, another thing we noticed is that despite Polygon's numbers, Base beats them in generated fees.

From our findings, Brett [BRETT], a meme based on Base, was one of the reasons for the network's dominance. Another was Toshi [TOSHI].

While TOSHI was designed to be the face of Brian Armstrong's cat, BRETT was referred to as Pepe's [PEPE] Best friend in the basic series.

In the last 30 days, BRETT's price has increased by 79.18%. At the time of writing, the market cap was $592 million.

TOSHI's price jumped 46.51% during the same period, while its market capitalization was just over $179 million.

These numbers indicate that prices and market value could rise. If so, total L2 transactions on Ethereum may be higher in the future.

The tides have turned

However, the dynamics were different regarding Active addresses. According to data from Santiment, the 24-hour active addresses on Polygon were 2,133.

On Arbitrum, the price was lower at 15,500. On the other hand, the number of optimism reached 10,000. Active addresses measure the daily level of interaction within the network.

Source: Santiment

But the one thing the scale has in common is that they all went down.

By comparing the activity to the number of transactions, one can notice that fewer market participants participated in transactions at the higher end of Polygon.

Realistic or not, here is MATIC's market cap in ETH terms

In the short term, network activity on Ethereum L2s may decrease as user interaction decreases.

However, if the market recovers from “hold” mode, changes may occur. In this case, the number of active users may improve, and weekly transactions may reach more than 32 million.