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🚀Layer 2s Drive Record On-Chain Throughput

The Defiant

DeFi Daily

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The combined transaction throughput of Ethereum's Layer 2 networks is at all-time highs, currently beating out the Ethereum mainnet by more than five times.

The record was driven by surging adoption of ZkSync Era and Base, with Era outpacing Ethereum yesterday and Base beating mainnet by nearly 30% today.

Base's surging activity comes amid the spectacular success of Friend Tech, an app allowing users to speculate on NFTs associated with public Twitter profiles.

Friend Tech is now the top-ranked dApp by daily fee revenue, beating out the likes of Lido and Uniswap.

✍️ In today’s newsletter:

  • Layer 2 activity breaks into new highs
  • Friend Tech daily fee revenue soars to $1.7M

📈 Markets in last 24 hrs:

TickerValue24h
BTC$26,161 0.21%
ETH$1,682 0.79%
S&P 500$4,400 0.69%
GOLD$1,893 -0.38%
Arch WEB30.74pts -2.19%
FINANCE0.79pts -2.02%
INFRA0.68pts -1.95%
CONSUMER0.88pts -3.2%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Watch our video examining the recent decline of DeFi. And check out our podcast with Jon Hillis , the creator of Cabin, a network protocol for remote workers.


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Layer 2

Ethereum Layer 2 Throughput Hits Record High

TLDR The combined throughput of Layer 2s is outpacing Ethereum's mainnet by 400%. The record high for L2 scalability follows the rapid rise of Base, a chain from Coinbase that completed its launch two months ago.

SO WHAT The Ethereum ecosystem has long tipped a Layer 2-centric future to ensure scalability. With upstart L2s like Base and ZkSync Era recently beating out the throughput of the Ethereum mainnet by themselves, Layer 2s appear poised to drive the future of Ethereum development.

READ MORE: Ethereum Layer 2 Throughput Hits Record High


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DeFi

Friend Tech Closes In On Ethereum With $1.7M In Daily Fees

TLDR Friend Tech, the surging trading platform for NFTs tied to public Twitter profiles, is now the top web3 dApp by 24-hour volume. With $1.7M in daily fees, Friend Tech is also beating out every blockchain network barre Ethereum by fee volume too.

SO WHAT The explosive success of Friend Tech has helped propel Base to rank as the top L2 by activity just two weeks after completing its mainnet rollout. Base processed nearly 16 transactions per second over the past 24 hours, beating out the Ethereum mainnet for the first time with 11.7 TPS.

READ MORE: Friend Tech Closes In On Ethereum With $1.7M In Daily Fees


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • China sentences former party official to life in prison for crypto mining corruption, power abuse ( The Block)
  • South Korean city to seize crypto from thousands of tax evaders: Report ( Cointelegraph)
  • Thailand Warns Meta to Rein In Crypto Scams or Face Expulsion ( CoinDesk)