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Layer-1 blockchains are foundational networks supporting assorted applications straight connected their protocol, portion Layer-2 blockchains run atop these foundational layers, enhancing scalability and efficiency. Comparing the usage and ratio of EVM-compatible L1 and L2 blockchains and broadside chains helps america amended recognize the marketplace values and wherever astir of the DeFi enactment comes from.
Dune Analytics information analyzed by CryptoSlate showed Polygon, a Layer-2 sidechain, was the starring fig successful the DeFi ecosystem, intimately followed by BNB Chain, an EVM-compatible Layer-1 blockchain.
One of the astir important metrics erstwhile analyzing L1s and L2s is the regular state usage—the computational effort required to execute operations connected the blockchain. Gas fees are paid successful autochthonal blockchain currencies, and precocious state usage typically indicates robust web activity. Notably, erstwhile L2 solutions support precocious state usage astatine debased USD costs, it reflects an businesslike scaling solution that makes transactions affordable without sacrificing blockchain activity.
Polygon utilizes an mean of 579.97 cardinal units of autochthonal state daily, with associated costs amounting to conscionable $65.48k. This translates to a meager mean of $0.76 successful USD per 2nd contempt processing a precocious measurement of 48.37 transactions per second. Each transaction connected Polygon costs astir 138,782 state units. BNB Mainnet, portion besides precocious successful transaction volume, shows a antithetic outgo operation with 454.89 cardinal units of autochthonal state utilized regular and $1.02 cardinal successful regular USD fees; the outgo per 2nd soars to $11.81, acold surpassing Polygon’s. The higher outgo per transaction, which averages 108,513 state units, reflects BNB’s heavier computational request per transaction, suggesting a much resource-intensive cognition than Polygon.
| Polygon Mainnet | 579.97b | $65.48k | 4.18m | 138,782 | 6.71m | $0.76 | 48.37 |
| BNB Mainnet | 454.89b | $1.02m | 4.06m | 108,513 | 5.26m | $11.81 | 47.03 |
| Arbitrum One | 273.96b | $250.05k | 1.14m | 241,207 | 3.17m | $2.89 | 13.15 |
| Base Mainnet | 222.37b | $378.72k | 1.26m | 174,229 | 2.57m | $4.38 | 14.59 |
| OP Mainnet | 213.30b | $160.26k | 490.83k | 429,129 | 2.47m | $1.85 | 5.68 |
| Gnosis Mainnet | 109.77b | $1.05k | 182.58k | 601,244 | 1.27m | $0.01 | 2.11 |
| Ethereum Mainnet | 108.14b | $12.63m | 1.19m | 90,758 | 1.25m | $146.20 | 13.79 |
| Fantom Mainnet | 94.86b | $4.89k | 248.93k | 372,521 | 1.10m | $0.06 | 2.88 |
Arbitrum uses 273.96 cardinal units of state daily, costing users $250.05k, which breaks down to $2.89 per 2nd and 241,207 state units per transaction, indicating a higher outgo ratio than BNB but little truthful than Polygon. Base Mainnet records akin trends with 222.37 cardinal units and regular fees of $378.72k, resulting successful a somewhat higher per-second outgo of $4.38 and 174,229 units per transaction.
Ethereum operates with the highest outgo impact, utilizing 108.14 cardinal state units daily, translating into a hefty $12.63 cardinal successful fees. With costs skyrocketing to $146.20 per second, contempt having an mean of 90,758 state units per transaction, it illustrates Ethereum’s robust information and computational breadth and highlights its scalability challenges that L2 networks purpose to address.
Looking astatine transaction metrics, information from April 23 shows that Polygon led with 4.02 cardinal transactions, followed by BNB Chain with 3.9 million. These figures amusement beardown idiosyncratic engagement and web utility, representing a respective 25.8% and 25.1% stock of full transactions (excluding known strategy transactions).
Graph showing the full fig of transactions processed by L1 and L2 networks from Jan. 26 to April 24, 2024 (Source: Dune Analytics)However, erstwhile examining transaction fees, a antithetic communicative emerges. Despite a little transaction count, Ethereum amassed $7.46 cardinal successful fees, representing a staggering 83.9% of full fees collected. This discrepancy suggests that portion Ethereum processes less transactions, its higher transaction costs bespeak its superior furniture presumption and the intensive computational resources required for operations.
Graph showing the USD worth of regular transaction fees processed by L1 and L2 networks from Jan. 26 to April 24, 2024 (Source: Dune Analytics)When it comes to DeFi apps, Polygon again leads the transaction numbers, with 3.3 cardinal app transactions, showing it’s a go-to level for DeFi activities.
Graph showing the fig of app transactions connected L1 and L2 blockchains from Jan. 26 to April 24, 2024 (Source: Dune Analytics)BNB Chain saw 1.22 cardinal transacting addresses, with Polygon somewhat down astatine 1.18 million. These figures, contrasted with Ethereum’s 402.77k, suggest that different EVM-compatible networks are becoming preferred platforms for regular DeFi users owed to their little outgo structures.
Graph showing the fig of transacting addresses connected L1 and L2 blockchains from Jan. 26 to April 24, 2024 (Source: Dune Analytics)Analyzing the show of these blockchains side-by-side shows a battle betwixt foundational information and enhanced scalability. While L1 blockchains similar Ethereum proceed to unafraid high-value transactions with important fees, scaling solutions similar Polygon seizure the bulk of regular transactions and exertion interactions, signifying a displacement towards much businesslike and user-friendly blockchain infrastructures successful DeFi.
It’s important to enactment that contempt being labeled arsenic a Layer-2 blockchain by many, Polygon operates arsenic an L2 sidechain for Ethereum, arsenic it relies connected its ain acceptable of validators and doesn’t beryllium connected Ethereum for security. This allows Polygon to enactment much experimental enactment than “true” L2 blockchains without impacting Ethereum. Another information worthy mentioning is that BNB Chain is an EVM-compatible Layer-1 blockchain but has positioned itself connected the marketplace not arsenic a rival to Ethereum, different L1, but to different L2s.
The station Polygon leads successful EVM ratio arsenic DeFi users favour debased transaction costs appeared archetypal connected CryptoSlate.
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