Ethereum Layer 2 Adoption Soars 62.7%, But Critics Remain Skeptical

Ethereum’s Layer 2 solutions have recorded impressive growth. Unichain and Base are leading the charge, boosting Ethereum’s usage and interest. 

Analysts have revealed that Ethereum is hitting new milestones, with the ecosystem now holding a record 15.4 million active addresses, a massive 62.7% surge in just one week. Layer 2 networks are now processing 6.65 times more transactions than Ethereum’s main network.

Ethereum Is Thriving, Unichain and Base Lead

Ethereum’s modular setup moves most activity to Layer 2 chains, while the Mainnet is mainly used to finalize transactions. This helps Ethereum grow without compromising its security.

Unichain leads all EVM chains with 5.8 million active addresses, making up 39.26% of all tracked users. This is an impressive start for a network just two months old. Base, Coinbase’s Layer 2 chain, followed closely with 4.76 million active users (32.21%), surpassing Ethereum’s mainnet, which has 2.06 million active addresses (13.94%). 

Ethereum’s ecosystem is becoming more interconnected, with OP Mainnet leading in cross-chain activity at 42.2%. 

Critics Question Authenticity

However, some market experts, like William Peets, questioned its authenticity. He believes that a 62% increase may not be entirely organic and said that presenting such data as evidence just harms its credibility. Other community members also questioned the reliability of ‘active addresses’ as a true measure of growth. 

Whales Stacking Up Ether

Recent data from Lookonchain reveals that institutional whales are accumulating Ethereum again. Over the past few hours, a wallet linked to Cumberland withdrew 27,632 ETH, worth $50.24 million, from Binance, Coinbase, and Copper. 

However, Galaxy Digital has been consistently selling ETH in recent months. It recently moved 23,000 ETH, valued at $42.52 million, to Coinbase.

After weeks of outflows, Ethereum ETFs saw inflows of 31,199 ETH ($55.5 million) last week and 59,538 ETH ($106.63 million) this week, which shows rising interest from investors. Ethereum is currently trading at $1,828, down 0.9% in the past day.