Whats driving Ethereums 32 million transactions on L2s?

　　Ethereum finalized the Dencun upgrade on the 13th of March. For the uninitiated, the upgrade helped to lower costs on Layer-2 networks. So, it was expected that activity would increase.

　　No more gatekeeping

　　Having this number for the past three weeks was tremendous. However, it was proof that the objectives of the development were working, as new entrants did not need to worry about exorbitant gas fees.

　　When AMBCrypto analyzed the data, we observed that Polygon led in several metrics. But Base kept it on its heels. For instance, transactions on Polygon were 4 million on the 5th of April.

　　Base, on the other hand, was 3 million while Arbitrum were 1.5 million and 801,400 respectively. However, one other thing we noticed was that, despite Polygons numbers, Base outclassed it in fees generated.

　　From our findings, Brett [BRETT], a meme coin built on Base, was one of the reasons the network dominated. Another one was Toshi [TOSHI].

　　While TOSHI was built as the face of Brian Armstrong‘s cat, BRETT was referred to as Pepe’s [PEPE] best friend on the Base chain.

　　In the last 30 days, BRETTs price has increased by 79.18%. At press time, it was market cap was $592 million.

　　TOSHIs price jumped by 46.51% within the same period, while its market cap was a little over $179 million.

　　Such numbers imply that the prices and market cap could go higher. Should this be the case, the total L2 transactions on Ethereum might be higher going forward.

　　The tides have turned

　　However, the dynamics were different concerning active addresses. According to data from Santiment, the 24-hour active addresses on Polygon were 2133.

　　On Arbitrum, it was a lower higher at 15,500. Optimism, on the other hand, had 10,000. Active addresses measure the daily level of interaction within a network.

　　Pinagmulan: Santiment

　　But one thing common about the metric was that all of them decreased.

　　By comparing the activity with the transaction count, one can observe that fewer market participants were involved in higher transactions from Polygons end.

　　Realistic or not, here‘s MATIC’s market cap in ETHs terms

　　In the short term, network activity on the Ethereum L2s might drop as user interaction falls.

　　However, in the case where the market recovers from its “onlooking” mode, changes might occur. In this instance, active user count might improve, and weekly transactions might be more than 32 million.