He Ethereum Network continues to demonstrate its notable presence in the cryptocurrency landscape with its scaling progress that popular market expert and Onchain Foundation Head of Research Leon Weidmann has declared with unstoppable confidence, highlighting his belief in the network’s potential to revolutionize the sector.
Ethereum Scaling Prevails Amid High Market Volatility
In bold statementOnchain Foundation Senior Researcher Leon Weidmann has proclaimed that the Ethereum network’s scalability development is unstoppable, cementing its position in the blockchain space. His statement comes amidst prevailing uncertainty and broader market volatility.
Highlights of Leon EthereumThe most notable advances are in Layer 2 solutions, such as rollups, which are significantly improving network scalability and efficiency despite the difficult economic climate and changing investor attitudes.
It is worth noting that Ethereum rollups are layer 2 solutions which collect multiple transactions from the Ethereum mainnet, process them, and combine them into a single transaction, which is then sent back to the main chain.
According to the market expert, these rollups are currently processing around 300 or 24.93 times more transactions per second (TPS), compared to the Ethereum main chain. He further noted that the increase in transactions per second indicates that Ethnicity is producing real results even in adverse market conditions.
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Despite all the market noise and volatility, Ethereum’s scalability 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 after reaching an all-time high of 246.18 TPS in June. This milestone in June was primarily driven by a surge in activity around the Xai network, a new layer-3 scaling technique targeting gaming applications.
Reports showed that over 41% of transactions were conducted through the Xai network. However, compared to other scaling networks such as Decision one and Base, the Total Value Locked (TVL) in Xai is still very small, even after this increase.
Younger ETH Layer 2s outperform older Layer 2s
As Ethereum layer 2 solutions advance, Leo Waidmann has pointed out an increase in adoption of young Layer 2 networks like Base compared to older ones like Arbitrum One.
According to the expert, The base network The Coinbase-backed cryptocurrency has recorded over 2.64 million weekly active users, despite being only a year old. Meanwhile, Arbitrum One, which was introduced about 3 years ago, has recorded a smaller number of active users – 1.37 million.
He further 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 is evolving much faster than the market currently believes,” he added.
Featured image from Adobe Stock, chart from Tradingview.com
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