Kaspa Surpasses 2.4 Billion Transactions, Blowing Past Ethereum's L2 Rollups

Kaspa has quietly processed billions of transactions without congestion spikes, a stark contrast to Ethereum's layer 2 (L2) rollups that are losing ground.

The proof-of-work chain has seen a significant increase in transactions, with over 2.4 billion cumulative transactions on its mainnet, according to on-chain explorer data.

The network's throughput has been boosted by its Crescendo hard fork, which lifted the block rate tenfold to 10 blocks per second, and the Toccata hard fork, which added programmability features.

Kaspa's GHOSTDAG protocol allows for faster blocks without sacrificing security, making it a viable alternative to traditional proof-of-work chains.

Meanwhile, Ethereum's L2 rollups are facing a crisis, with DeFi TVL across L2 networks sliding to a two-year low of $5 billion.

The shakeout has seen several L2s shut down or wind down, including Blast, Kinto, and Loopring, leaving Base, Arbitrum, and Optimism dominating the space.