Layer 2 activity is ramping up

Layer 2 activity is ramping up and has surpassed Layer 1 Ethereum for some metrics, including transactions per second.

I've noticed that TPS are higher on Layer 2 networks than on Ethereum. However, this does not equate to overall activity on those respective networks. Later, I ran across the info that according to Etherscan, there were 992,470 transactions on Ethereum on Dec. 20.

The flip actually occurred in late September but has remained above Ethereum TPS ever since. Ethereum currently processes around 12.5 TPS, and L2 networks combined are closer to 15 TPS. L2 activity and TPS spiked to a peak of 25 TPS in late October.

Which L2 protocol do you use?

Arbitrum One is the market leader, with a dominance of 54% and a TVL of $2.3 billion. Optimism comes second with a $1.14 billion TVL and a 27% market share, according to the platform. I used both, but currently, I'm the most satisfied with Metis.

The TPS count on Ethereum is pretty much fixed at the moment. It will only increase throughput when sharding is introduced on the network. However, this is not expected to occur until late 2023 at the earliest.