Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath
- Monthly active users on Ethereum chain’s Layer 1 and 2 projects have crossed 25 million per Token Terminal data.
- Despite the rise of Ethereum’s competitors like Solana, with the meme coin narrative, Ether remains relevant among traders.
- Total value locked in Layer 2 and 3 projects exceeds $43.99 billion at the time of writing.
Ethereum’s Layer 1 and Layer 2 chains have noted a consistent increase in activity in 2024. Monthly active users (MAU) have surpassed the 25 million milestone per data aggregator Token Terminal.
Despite the rise in different narratives like meme coins and celeb tokens that made Solana chain – Ethereum’s competitor – popular among traders, Ether has seen a spike in active users.
Ethereum Layer 1 and 2 monthly active user count hits milestone
Crypto data aggregator Token Terminal shows that Ethereum Layer 1 and 2 monthly active user count exceeded 25 million. At a time when competitors like Solana have seen a spike in mindshare (attention from market participants) and the number of projects being launched every day, Ether holds its ground, per Token Terminal data, early on Tuesday, June 18.
Ethereum Layer 1 and 2 MAUs
Data from crypto tracker L2Beat shows that the total value locked (TVL) in Layer 2 and 3 projects in the ecosystem exceeds $43.99 billion, at the time of writing.
Total Value Locked in Layer 2 and 3 chains as seen on L2Beat
With a significant decline in Layer 2 fees, there is a rise in the chains’ adoption among traders. This is a contributor to the surge in monthly active users on Ethereum. Monthly fees are down from $18 to $3 between June 2023 and 2024, as seen in the chart below.
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Monthly Layer 2 fees change from June 2023 to June 2024
Top Ethereum Layer 2 scaling tokens Polygon (MATIC), Mantle (MNT), Optimism (OP) extended their losses between 5% and 9% in the past 24 hours, per CoinGecko data.
The market capitalization of Layer 2 tokens is down over 11% in the past 24 hours, offering traders a “buy the dip” opportunity on Tuesday.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
