Transaction volume on the Ethereum network fell to its lowest point since April 2021, as transactions on the blockchain and associated Layer 2 protocols continue to decline.
Ethereum mainnet sees significant drop in transactions
tomorrow, the number of transactions But of ethereum The primary network, known as the mainnet, fell to levels not seen since April of last year. Despite the fact that it was a holiday and there were other factors at play, such as off-chain transactions occurring on the Layer 2 network, the drop in on-chain activity was significant. Ethereum mainnet saw approximately 742,000 transactions yesterday.
Some speculate that it may be due to a Decline in the use of decentralized finance (DeFi) protocols, as these often drive a significant amount of traffic on the Ethereum network. Others believe it could be the result of a shift towards using alternative blockchain platforms for transactions.
Whatever the reason, it is worth noting that the trend could have an impact on the Ethereum network and the broader cryptocurrency market. A low level of activity on the mainnet could potentially indicate a decrease in overall demand for the cryptocurrency.
Polygon Network sees drop in transactions
The data also shows that transactions on Ethereum Layer 2 projects like Polygon have seen a significant drop since last year. Yesterday, there were 2.6 million transactions on the Polygon network, a far cry from the blockchain’s peak of 9.1 million transactions on June 16, 2021.
In contrast to the downtrend of other L2 protocols, the Optimistic Protocol (OP) is experiencing explosive growth and continues to grow as seen in the chart below.
The reason for this deviation in performance is not immediately clear. It is possible that the unique features of the Optimistic Protocol will resonate with users and drive adoption. Alternatively, it could be that the decline of other L2 protocols is causing users to gravitate towards OP as a better alternative.
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