Anika Begay
THE Ethereum Network continues to demonstrate its extraordinary presence in the cryptocurrency landscape with its ever-increasing progress that renowned market expert and head of research at the Onchain Foundation, Leon Weidmann, confidently declared unstoppable, underlining his confidence in the network’s potential to revolutionize the industry.
Ethereum Scaling Prevails in Highly Volatile Market
In bold declarationLeon Weidmann, senior researcher at the Onchain Foundation, has proclaimed that the development of Ethereum’s network scalability is unstoppable, solidifying its position in the blockchain space. His statement comes amidst prevailing uncertainty and broader market volatility.
Leon Highlights Etherealnoteworthy developments in Layer 2 solutions, such as rollups, which are significantly improving network scalability and efficiency despite the challenging economic climate and changing investor sentiment.
It is worth noting that Ethereum rollups are layer 2 solutions that collect multiple transactions from the Ethereum mainnet, process them, and combine them into a single transaction, which is then forwarded to the main chain.
According to the market expert, these rollups are currently processing about 300 or 24.93 times more transactions per second (TPS), than the Ethereum main chain. He further noted that the increase in transactions per second indicates that ETH produces concrete results even in unfavorable market conditions.
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Despite all the noise and volatility in the market, Ethereum’s scaling progress is unstoppable. Rollups now process 24.93 times more transactions per second (300 TPS) than the ETH Mainchain. This shows that even in turbulent times, the technology is delivering real results.
Ethereum’s scaling network has been steadily increasing since hitting an all-time high of 246.18 TPS in June. This June milestone was primarily driven by a spike in activity around the Xai network, a new layer-3 scaling technique aimed at gaming apps.
Reports have shown that more than 41% of transactions were made by the Xai network. However, compared to other scalability networks such as Decision One and Base, the total value locked (TVL) in Xai is still very small, even after this increase.
ETH’s Younger Layer 2s Surpass Older Layer 2s
As Ethereum layer 2 solutions advance, Leo Waidmann has underlined an increase in adoption of younger Layer 2 networks like Base versus older ones like Arbitrum One.
According to the expert, the basic network supported by Coinbase has recorded over 2.64 million weekly active users, despite being only a year old. Meanwhile, Arbitrum One introduced about 3 years ago has seen a smaller number of active users, 1.37 million.
He also noted that other younger networks like Linea and ZkSync Era have also attracted hundreds of thousands of active users in just over a year and are just getting started. “The future of ETH scaling is here and it’s evolving much faster than the market currently realizes,” he added.
Featured image from Adobe Stock, chart from Tradingview.com
