Ethereum’s Layer 2 solutions have been making significant strides in recent times, with Unichain and Base emerging as frontrunners in boosting Ethereum’s usage and overall interest.
According to analysts, Ethereum has achieved remarkable milestones, with the ecosystem now boasting a record 15.4 million active addresses, marking a substantial 62.7% increase in just one week. Layer 2 networks are currently processing 6.65 times more transactions than Ethereum’s main network, showcasing the growing importance of these solutions.
Ethereum’s modular setup efficiently shifts most of the activity to Layer 2 chains, allowing the Mainnet to focus on finalizing transactions. This strategic approach enables Ethereum to expand its capabilities without compromising on security.
Leading the pack is Unichain, with an impressive 5.8 million active addresses, accounting for 39.26% of all tracked users. This achievement is particularly noteworthy considering the network is only two months old. Following closely is Base, the Layer 2 chain developed by Coinbase, with 4.76 million active users (32.21%), surpassing Ethereum’s mainnet, which currently has 2.06 million active addresses (13.94%).
The Ethereum ecosystem is experiencing greater interconnectedness, with OP Mainnet taking the lead in cross-chain activity at 42.2%.
Despite these positive developments, some experts, such as William Peets, have raised concerns about the authenticity of the growth figures. Peets believes that a 62% surge may not be entirely organic and could potentially undermine the credibility of the data. Additionally, questions have been raised about the reliability of using ‘active addresses’ as a sole measure of growth.
Institutional whales have been actively accumulating Ethereum, as evidenced by recent data from Lookonchain. Notably, a wallet associated with Cumberland recently withdrew 27,632 ETH, valued at $50.24 million, from major exchanges such as Binance, Coinbase, and Copper. However, Galaxy Digital has been consistently selling ETH in recent months and recently transferred 23,000 ETH, worth $42.52 million, to Coinbase.
Following a period of outflows, Ethereum ETFs have seen significant inflows, with 31,199 ETH ($55.5 million) entering the market last week and 59,538 ETH ($106.63 million) this week, indicating a growing interest from investors. Ethereum is currently trading at $1,828, reflecting a slight 0.9% decline in the past day.
In conclusion, Ethereum’s Layer 2 solutions are driving growth and innovation within the ecosystem, with Unichain and Base leading the way. While there are some concerns about the authenticity of the growth figures, the overall interest and investment in Ethereum remain strong, signaling a promising future for the platform.