Ethereum Layer-2 Volumes Surge 70% in November, DefiLlama Data Shows
Ethereum scaling solutions, popularly known as layer-2 networks, have seen a 70% rise in volumes this month, according to data from DefiLlama. The decentralized exchanges (DEXs) on these networks have processed a combined trading volume of 45% since November 1st. By comparison, Solana has handled 35% of the total DEX volume.
Ethereum’s Dominates Solana in TVL
Regarding deposits, the Ethereum mainnet has a Total Value Locked (TVL) of $69.6 billion, way above Solana’s $9.3 billion. Notably, two layer-2 networks, Arbitrum and the Base Chain, have seen their TVL rise to $3 billion each. DefiLlama data shows that all the scaling solutions have a combined TVL of $11.4 billion.
While the Solana network has emerged as a worthy competitor, thanks to the growth of its meme coin ecosystem, Ethereum’s dominance is still unchallenged as layer-2 networks continue to witness adoption. For example, the Base Chain, created by Coinbase, has become a top destination for token creators who think the Solana meme coin space is congested.
Solana Collects More Fees Than Ethereum
As mentioned, meme coins are fueling Solana’s growth. The introduction of PumpFun, an easy-to-use tool that facilitates the creation of tokens, has boosted the network’s volume by billions. The rise in trading activity on Solana has enabled the blockchain to collect $195.8 million in fees over the past 30 days. By comparison, 30-day fees on Ethereum stand at $184.35 million.
Some crypto analysts say the growing fees on Solana could be a key driver of SOL’s rally in the coming weeks, arguing that massive payments to validators usually pump a blockchain’s native token.
Furthermore, they believe that SOL, now trading at $241 with a market cap of $116 billion, is undervalued, while Ethereum, priced at $3,661 with a market cap of $435 billion, is overvalued. That said, these analysts are bullish on SOL, anticipating a 72% price rise in the near future to match Ethereum’s market cap.
Ethereum Foundation Announces Its 2025 Plans
Meanwhile, the Ethereum Foundation plans to introduce new elements on the network in a bid to drive the fees higher. The organization has said it will launch upgrades in 2025 to streamline how scaling solutions interact with the mainnet. These updates are expected to enhance the efficiency of DEXs and other decentralized apps, thus boosting onchain activity.
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