While Bitcoin saw a 20% drop in daily active addresses in Q2 2024, Ethereum and L2s posted a 127% increase in such addresses in H1 2024.
Onchain activity has been rapidly increasing in 2024, with blockchain networks like Ethereum posting significant growth in terms of the size of its user base and other factors.
According to the study, the rise of onchain activity on Ethereum and L2s in the first half of 2024 was spurred by large pickups in activity on leading L2s.
Built on top of Ethereum, L2, or layer 2, blockchains aim to speed up transaction processing while keeping the network commissions and fees down for layer-1, or the Ethereum network.
