Ethereum is still one of the most relevant blockchains in the market as it has recently set a new high in decentralized application (DApp) transactions. The overall transaction volumes have risen by 38%, which suggests active and user engagement on its platform. This growth is significantly higher than the second closest BNB Chain, which has seen a 6% reduction in comparable metrics. While Ethereum's current price does not show this upward trajectory, on-chain data signals a more active ecosystem that may eventually affect future prices.
In terms of on-chain volume, Ethereum has produced $149.9 billion within the last 30 days. This figure is significantly higher than that of BNB Chain, which totaled $26,6 billion. Such statistics make Ethereum the most prominent blockchain, as its constant activity and place in the Web3 ecosystem are unchallenged.
Another controversy that has continuously surrounded Ethereum in the past, and even up to the present, revolves around transaction fees, which have gone close to $7.50. These fees help to support the network through validator rewards. Such fees were paid as much as $163.7 million within one month alone. On the same note of dealing with high fees, the Ethereum network has several Layer 2 solutions, such as Arbitrum, Base, and Optimism, that increase scalability while ensuring security is not compromised.
These Layer 2 platforms are essential as they help Ethereum to address problems of a higher transactional throughput, all this without affecting the architecture of the main network. Such distribution of the transaction loads to these secondary layers, Ethereum to keep lower fees and faster settlement time, making it more accessible and attractive to a wider population.
Furthermore, Ethereum is already planning even greater improvements with Ethereum 3.0, which is said to improve the platform. The concurrent use of sharding and zkEVM is believed to significantly enhance throughput scalability. The innovations are critical for Ethereum to continue serving its current population and attract new users and developers.
Joe Lubin's comments are useful in this developments, pointing out that such advances are necessary for Ethereum's survival and to stand out in the emerging environment. With these updates Ethereum wants to address the issues of the past the scalability issues that have plagued blockchain technologies while not disrupting the existing applications built on the platform.