THE Ethereum Network continues to demonstrate its remarkable presence in the cryptocurrency landscape with its scaling progress that popular market expert and Head of Research at the Onchain Foundation, Leon Weidmann, confidently declared as unstoppable, emphasizing his belief in the network’s potential to revolutionize the industry.
Ethereum Scaling Prevails Amid Increased Market Volatility
In bold statementLeon Weidmann, Director of Research at the Onchain Foundation, said that the development of the Ethereum network is inevitable, solidifying its position in the blockchain space. His statement comes amid uncertainty and general market volatility.
Leon Highlights EthereumNotable developments in Layer 2 solutions, such as rollups, are significantly improving network scalability and efficiency despite the challenging economic climate and changing investor attitudes.
It is worth noting that Ethereum rollups are layer 2 solutions that gather 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 ETH produces concrete results even in adverse market conditions.
The message read:
Despite all the noise and volatility in the market, Ethereum’s progress is unstoppable. Rollups now process 24.93x more transactions per second (300 TPS) than the ETH main chain. This shows that even in turbulent times, the technology delivers real results.
Ethereum’s scaling network has been steadily increasing since hitting an all-time high of 246.18 TPS in June. The June milestone was driven primarily by a spike in activity around the Xai network, a new layer-3 scaling technique aimed at gaming applications.
Reports have shown that over 41% of transactions were made through the Xai network. However, when compared to other scaling networks such as Arbitrum One and base, the total value locked (TVL) in Xai is still very low, even after this increase.
Younger ETH Layer 2s Outperform Older Layer 2s
As Ethereum Layer 2 solutions advance, Leo Waidmann has underlines an increase in adoption of younger Layer 2 networks like Base over older ones like Arbitrum One.
According to the expert, the basic network The Coinbase-backed platform has registered over 2.64 million weekly active users despite being only a year old. Meanwhile, Arbitrum One, which launched about 3 years ago, has registered a lower number of active users at 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 they are just getting started. “The future of ETH scaling is here, and it is evolving much faster than the market currently thinks,” he added.
Featured image from Adobe Stock, chart from Tradingview.com
