Ethereums Layer 2s are bustling with activity. The latest data suggest that the ecosystem has reached a new record for daily transaction volume.

In fact, these networks were also found to hold now more stablecoins than Solana and Binance Chain combined.

Ethereum Layer 2 Ecosystem Growth

According to the stats compiled by Growthepie, the daily transactions across Ethereums Layer 2 ecosystem reached 12.42 million on August 12, setting a new peak.

Weighing on the new milestone, Leon Waidmann, head of research at the Onchain Foundation, also said that the figure highlights the rapid advancements in scalability, potentially driving user engagement to new heights.

Furthermore, Growthepie reported a 140% increase in daily transactions in the Layer 2 ecosystem year-to-date. Its important to note that the analytics platform only includes user- or smart contract-executed transactions, excluding system transactions.

The Coinbase-incubated Layer 2 blockchain, Base, significantly contributed to this growth, surpassing 4 million transactions in July alone. This figure has now come down to 3.6 million, but Base has consistently managed to outperform Arbitrum, becoming the Ethereum Layer 2 network with the most transactions since early July.

Currently, Arbitrums transaction figure stands above 1.85 million followed by Optimism with around $476k.

Stablecoin and Wallet Activity

Growthepie further revealed the Layer 2 networks in the Ethereum ecosystem now surpass both Solana and Binance Chain in stablecoin holdings, with 150% more stablecoins than Solana and 94% more than BSC. Additionally, Layer 2s are also showing an edge in unique wallet activity, boasting over 4% more active addresses than Solana on a 7-day rolling average.

This combination of a larger stablecoin supply and increased wallet activity suggests a growing trust in L2 solutions.

These findings raise questions about investor sentiment and whether they are potentially overvaluing Solana or undervaluing L2s. Interestingly, Layer 2s Fully Diluted Valuation (FDV) peaked around the time of EIP 4844, reaching nearly $95 billion exceeding Solanas FDV at the time but has since decreased to $31 billion, now smaller than Solanas.