# Ethereum Layer 2 Solutions See Rapid Growth Amid User Surge and Technological Advancements
Ethereum (ETH) Layer 2 blockchains are experiencing rapid growth driven by increasing user adoption and technological advancements, according to a recent analysis by OurNetwork. Major Layer 2 protocols such as Arbitrum (ARB), Base, Worldchain (WLD), ZKsync (ZK), and Taiko (TAIKO) are gaining attention as they address Ethereum’s scalability and cost issues.
OurNetwork revealed that the number of active Layer 2 addresses has surged by over 300% year-on-year, approaching nearly 10 million weekly addresses. The analysis emphasized that these Layer 2 protocols are independently expanding their user bases.
# Arbitrum Captures 55% of Ethereum Transactions with Robust Liquidity
According to OurNetwork, Arbitrum accounts for over 55% of Ethereum’s transaction volume and maintains more than $4 billion in stablecoin liquidity, making it the largest liquidity provider among Layer 2 solutions. Arbitrum has recorded a net liquidity flow of $2.5 billion this year, providing substantial liquidity to various teams and projects.
# Base Surpasses 47.2 Million Users, Sees Soaring Stablecoin Usage
Base, launched in 2023, has quickly grown its user base to 47.2 million by the third quarter, according to OurNetwork data. As of March 26, 2024, Base’s network revenue peaked at $2.39 million, though fees have steadied following Ethereum’s Dencun upgrade. Notably, Base ranked first in stablecoin transaction volume among all blockchains as of October 26.
# Worldchain Operates 14.3 Million Smart Accounts with User-Friendly Model
Worldchain, a user-centric Layer 2 blockchain, provides non-custodial smart account models through the World App and has operated 14.3 million smart accounts over the past four months. OurNetwork reported that Worldchain recorded over $700 million in transaction volume over the past 10 days, with Worldcoin accounting for more than half of this activity.
# ZKsync Launches Decentralized ID Solution QuarkID in Buenos Aires
ZKsync has established the “Elastic Chain” ecosystem to address liquidity issues among users, according to OurNetwork. Recently, ZKsync launched the decentralized digital ID protocol QuarkID in Buenos Aires, issuing over 100,000 digital IDs to the city’s 3.6 million residents. This initiative aims to enhance security and data integrity.
# Taiko Demonstrates Viable Profitability with Over 60 Million Transactions in 30 Days
Taiko recorded over 60 million transactions in the past 30 days, demonstrating the profitability of based roll-ups. In the last week alone, Taiko’s roll-up generated $150,000 in revenue, ranking second among roll-ups for on-chain earnings. OurNetwork highlighted Taiko’s decentralized structure, wherein Ethereum validators determine the transaction order. Recently, 46% of Taiko’s block space usage was for token transfers, 26% for social activities, and 10% for DeFi.
OurNetwork forecasts more vibrant activity among various Layer 2 blockchains in the future, driven by cost efficiency and scalability.
