On-chain activity in Ethereum has fallen to February levels

The main Ethereum network is experiencing a lull. The number of daily transactions decreased, and the number of daily active addresses (DAU) fell. 

According to Etherscan, 1.1 million transactions were made on the network on August 5. For comparison, at the peak on January 14, the figure was 1.96 million, and at local highs in July — 1.3 million. 

The number of daily transactions in Ethereum. Data: Etherscan.

The seven-day moving average of the metric fell to 1.09 million. This is the lowest level not seen since February. 

7 DMA transactions in Ethereum. Data: Glassnode. 

The number of DAU also reached February lows at around 400,000. The indicator has been rapidly decreasing since the end of June, when it recorded a local peak of 715,000 addresses. 

DAU in Ethereum. Data: Etherscan.

Despite the "stagnation" in the mainnet, second-level solutions are still showing high activity. According to the Dune dashboard, L2 networks significantly outperform the main blockchain in terms of the number of daily transactions. 

The number of transactions in L2 and Ethereum. Data: Dune. 

At the time of writing, Base is the leader among the main scaling solutions with an indicator of about 3.5 million, followed by Arbitrum — 2.9 million. 

Other L2 networks - Optimism (860,000), ZKsync (418,000) and Scroll (308,000) — failed to surpass the mainnet. 

According to L2Beat, Base is also the leader in the number of transactions per second, second only to Xai's L3 solution. 

Activity in L2, L3 and Ethereum. Data: L2Beat.

The transition of users to rollups can be explained by lower fees. In L2 networks, the average transaction fee does not exceed $0.04. 

The average gas charge in L2. Data: Dune.

At the moment, the price for gas in the mainnet is 4 Gwei (~$0.16).

The price of gas in Ethereum Data: Etherscan. 

The dynamics of scaling solutions began to grow after the activation of the Dencun update in Ethereum. However, against the background of a surge in on-chain activity, some protocols have encountered freezes. 

https://forklog.com/news/obnovlenie-dencun-v-razy-snizilo-komissii-v-l2-setyah

Recall that in June, Coinbase and Glassnode analysts reported that in the first half of the year, the number of daily active Ethereum addresses and its main L2 solutions increased by 127%.