Ethereum has been experiencing a lull in activity. The network's transaction count has dipped to a five-month low, with the seven-day moving average settling at 1.12 million transactions per day, a level not seen since February.

This slowdown isn't isolated to transaction count. Active wallet addresses have also taken a nosedive, dropping to around 400,000.

At first glance, it might seem like Ethereum's bustling metropolis has suddenly become a quiet suburb. However, this decrease in Layer 1 activity doesn't necessarily spell doom for the Ethereum ecosystem.

While the main chain seems to be taking a breather, Layer 2 solutions are picking up the slack and then some.

Base, Coinbase's Layer 2 offering, has emerged as a clear frontrunner, boasting a whopping 3.83 million …