{"id":16489,"date":"2023-01-16T00:00:21","date_gmt":"2023-01-16T00:00:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/combined-transactions-on-arbitrum-and-optimism-l2-chains-outpace-ethereums-daily-transfer-count-defi-bitcoin-news\/"},"modified":"2023-01-16T00:00:21","modified_gmt":"2023-01-16T00:00:21","slug":"combined-transactions-on-arbitrum-and-optimism-l2-chains-outpace-ethereums-daily-transfer-count-defi-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/combined-transactions-on-arbitrum-and-optimism-l2-chains-outpace-ethereums-daily-transfer-count-defi-bitcoin-news\/","title":{"rendered":"Combined Transactions on Arbitrum and Optimism L2 Chains Outpace Ethereum’s Daily Transfer Count\u00a0 \u2013 Defi Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Since The Merge, Ethereum\u2019s onchain fees have been considerably lower. However, combined transaction volume on layer two (L2) chains Arbitrum and Optimism has outpaced Ethereum\u2019s onchain transaction output. On Saturday, Jan. 14, 2023, Ethereum processed 1.10 million onchain transactions, while combined transactions on Arbitrum and Optimism reached 1.32 million for the same day.<\/strong><\/p>\n

Rise of L2 Scaling Solutions Arbitrum and Optimism<\/h2>\n

Onchain transaction fees have decreased significantly since the first week of Aug. 2022 and even more so since the blockchain transitioned from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) network on Sept. 15, 2022. Data from etherscan.io\u2019s gas tracker<\/a> shows that the highest priority onchain ether transaction costs an estimated $0.75 or 23 gwei on Sunday afternoon at 5:00 p.m. Eastern Time.<\/p>\n

According to Sunday, Jan. 15, 2023 data, the average Arbitrum<\/a> transaction costs around $0.101 per transfer, while an Optimism<\/a> transaction costs $0.1410 per transfer. L2 scaling solutions have become increasingly popular since 2020, with options such as Polygon Hermez<\/a>, Zksync<\/a>, Boba<\/a>, and Starknet<\/a>, in addition to Optimism and Arbitrum.<\/p>\n

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Transactions per day for Optimism, Arbitrum, and Ethereum with data recorded on Jan. 14, 2023.<\/figcaption><\/figure>\n

These solutions allow for faster and cheaper transactions by reducing the computational workload on the main blockchain network (Ethereum), or layer one (L1). Arbitrum and Optimism transactions are periodically<\/a> \u201crolled up\u201d and recorded on Ethereum using an optimistic rollup or optimistic virtual machine. Dune Analytics statistics<\/a> show that both L2 networks, Arbitrum and Optimism, have seen a significant increase in daily transactions.<\/p>\n

For example, Optimism recorded 737,191 transactions on Jan. 14, and Arbitrum captured 586,745 transactions on the same day. Since Jan. 10, 2023, the combined number of transactions on both Arbitrum and Optimism has surpassed the number of direct Ethereum onchain transfers. For example, on Jan. 10, the combined transaction count for both L2 scaling networks was around 1.12 million, while Ethereum processed 1.06 million on-chain transfers.<\/p>\n

On Jan. 14, 2023, according to data from Dune Analytics, the combined transaction count for both L2 networks was around 1.32 million transactions, compared to the 1.10 million transactions settled on the Ethereum chain. Ethereum still processes a significant number of transactions per day compared to most blockchains. Since June 17, 2020, Ethereum has typically processed over a million transactions per day. However, a few other crypto networks settle more transactions than Ethereum does, such as XRP<\/a> and Polygon<\/a>.<\/p>\n

On Jan. 14, Polygon recorded 3.10 million transactions and XRP<\/a> saw 1.25 million transactions settled on that day. While the L2 chains Arbitrum and Optimism on their own have not surpassed Ethereum\u2019s, XRP<\/a>\u2019s or Polygon\u2019s transaction per day count, they have seen a significant increase in the last 12 months.<\/p>\n

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Comparison of Ethereum and XRP<\/a> network transactions by daily count on Jan. 15, 2023.<\/span><\/figcaption><\/figure>\n

For example, on Jan. 15, 2022, Ethereum processed 1.17 million transactions that day, while Arbitrum processed 21,734 transfers per day, and Optimism processed 30,430 transactions per day. The data shows that over the last 12 months, Arbitrum\u2019s transaction per day count has increased by 2,599%, and the L2 scaling solution Optimism\u2019s daily transfer count has risen by 2,322% since Jan. 2022.<\/p>\n

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\nTags in this story
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Arbitrum<\/a>, Blockchain<\/a>, Chains<\/a>, cheaper<\/a>, computational workload<\/a>, Crypto<\/a>, daily transfer count<\/a>, daily transfers<\/a>, Dune Analytics<\/a>, Ethereum<\/a>, faster<\/a>, growth<\/a>, increase<\/a>, L2<\/a>, L2 scaling<\/a>, Layer two<\/a>, lower<\/a>, main blockchain<\/a>, network<\/a>, networks<\/a>, Offchain<\/a>, Onchain<\/a>, onchain fees<\/a>, Optimism<\/a>, output<\/a>, Polygon<\/a>, Privacy<\/a>, processing<\/a>, rollup<\/a>, rollups<\/a>, Scaling<\/a>, Security<\/a>, Smart Contracts<\/a>, Statistics<\/a>, Transaction<\/a>, Verification<\/a>, Virtual Machine<\/a>, volume<\/a>, XRP<\/a>, Zero Knowledge<\/a>, ZK rollups<\/a>, ZKsnarks<\/a><\/div>\n<\/div>\n

What impact do you think L2 scaling solutions will have on the future of blockchain technology and its adoption? Let us know your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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