"Unpacking Ethereum's 32 Million Transactions on Layer 2 Chains"

Layer-2 projects on the Ethereum blockchain, such as Polygon, have seen a surge in on-chain activity, with 32 million transactions weekly since the Dencun upgrade, including Base, Arbitrum, and Optimism. The increase in meme coin activity on Base, particularly with the coin BRETT, has contributed to the network's dominance. While transaction numbers are high, active addresses have decreased, indicating fewer market participants involved in higher transactions. The market cap and prices of meme coins like BRETT and TOSHI suggest potential for further growth, which could lead to increased L2 transactions on Ethereum in the future.