The network is facing competition from next-generation layer-1 blockchains and layer-2 networks from within its own ecosystem.
The Ethereum transaction count is rising amid Ether’s (ETH) push toward the $5,000 milestone. However, increased competition is eating into network revenue and user mindshare.
Ethereum’s daily average transaction count is hovering near all-time highs, at over 1.7 million transactions recorded on Tuesday, according to Nansen.
For comparison, Ethereum layer-2 networks, Arbitrum and Base, recorded over 3.4 million transactions and 8.6 million transactions, respectively, and Aptos, a competing layer-1 blockchain, hosted 3.8 million transactions on Monday, according to The Tie.
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