the Ethereum Network Bitcoin continues to make a notable presence in the cryptocurrency landscape with its ever-increasing advance, which popular market expert and head of research at Onchain, Leon Weidman, has declared to be unstoppable, highlighting his confidence in the network’s potential to revolutionize the sector.
Ethereum Spreads Amid Growing Market Volatility
in bold statementLeon Weidman, chief researcher at the Onchain Foundation, has declared that the development of the Ethereum network is unstoppable, cementing its position in the blockchain space. His statement comes amidst the prevailing uncertainty and broader market volatility.
Lyon highlights EthereumThe report noted significant developments in Layer 2 solutions, such as aggregation, that are significantly improving network scalability and efficiency despite the challenging economic climate and changing investor sentiment.
It is worth noting that Ethereum rollups are layer 2 solutions that collect multiple transactions from the main Ethereum network, process them, and bundle them into a single transaction, which is then sent back to the main chain.
According to the market expert, these pools are currently processing around 300 or 24.93 times more transactions per second (TPS) than the main Ethereum chain. He also pointed out that the higher TPS indicates that Ethereum Produces real results even under unfavorable market conditions.
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Despite all the noise and market volatility, Ethereum’s scaling progress is unstoppable. The swarm is now processing 24.93 times more transactions per second (300 TPS) than the main Ethereum chain. This shows that even in turbulent times, technology delivers real results.
Ethereum’s scaling network has been on a steady rise after hitting an all-time high of 246.18 TPS in June. This June milestone was largely driven by a surge in activity around the Xai network, a new layer-3 scaling technology targeting gaming applications.
Reports show that over 41% of transactions were made via the Xai network. However, compared to other scaling networks such as First decision The bottom line is that the total value locked (TVL) in Xai is still very small, even after this increase.
The smaller ETH layer 2 is outperforming the older layer 2
As Ethereum Layer 2 solutions advance, Leo Waidmann He pointed out Increased adoption of modern Layer 2 networks like Base compared to legacy networks like Arbitrum One.
According to the expert, Core Network The Coinbase-backed cryptocurrency has registered over 2.64 million weekly active users, despite being just a year old. Meanwhile, Arbitrum One, which was launched about 3 years ago, has seen a smaller number of active users, at 1.37 million.
Moreover, he noted that other younger networks like Linea and ZkSync Era have also attracted hundreds of thousands of active users in just a year, and are just getting started. “The future of ETH scaling is here, and it’s developing much faster than the market currently realizes,” he added.
Featured image by Adobe Stock, chart by Tradingview.com
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