Beyond 400,000 daily active users, Ethereum (ETH), the second-largest cryptocurrency and the world’s most popular smart contract platform, has reached a noteworthy milestone. The increase in user activity can be attributed to the growing popularity of decentralised finance (DeFi) apps, non-fungible tokens (NFTs), and other decentralised applications (dApps) in the Ethereum ecosystem.
Numerous methods have surfaced in recent years to assist the Ethereum network in handling a higher volume of transactions overall. Roll-up blockchains use an independent execution environment to carry out transactions outside of the Ethereum blockchain. They combine batches of rollup transactions and anchor them into a single transaction, which is subsequently posted to the Ethereum blockchain for validation.
https://x.com/glassnode/status/1770482297025806366?s=20
Rollup solutions have been more and more popular over the last two years, according to Glassnode. Usage of the two main scaling solutions, Optimism and Arbitrum, has increased by up to 100,000 and 150,000 daily active addresses, respectively. At now, the Ethereum mainnet continues to have the highest activity level, with over 400,000 active addresses daily on it.
Another significant upgrade to Ethereum was released on Wednesday, March 13. There have been major modifications made to Ethereum’s rollup architecture with the Cancun-Deneb (Dencun) update. Additionally, the update makes a number of changes to Ethereum’s staking pool in order to enhance node connectivity and network stability.
The creation of more data storage capacity on the Ethereum network is the main feature of the Dencun update. It presents a novel form of transaction known as a blob, which is able to transport substantial data packets.
The Dencun upgrade’s division of layer-2 anchoring transactions into blobs is mostly consistent with enhancing user experience, cutting costs, and adhering to the Ethereum Foundation’s rollup-centric strategy. Reduced transaction costs are expected to entice more users to switch to roll-ups, which will boost the overall throughput of Ethereum-based transactions.
