Ethereum’s Modular & Rollup-Centric approach is already a success

Since June, when the bear market hit, I’ve seen some people argue that “Ethereum is dead”, due to the record-low gas fees. Instead, I’ll show you how Ethereum’s Modular & Rollup-Centric approach is already a success. Let’s dig in.

Courtesy of @hildobby_, we can see below that gas fees are almost at all-time lows. Generally speaking, gas fees are a good indicator of network activity.

Let’s have a look at the transaction count. There’s been a clear downturn since June, from 11m to 8m weekly transactions. During the bull, transaction declines much smaller than this one were simply attributed to the high cost of executing transactions in Ethereum (remember alt-L1 season?).

If we look at L2BEAT, we can see that over 80% of Ethereum’s L2s’ TVL is shared among the 2 most prevalent optimistic roll-ups, Arbitrum and Optimism.

So, how does TVL translate into transaction count?