| Transaction Type | Transaction Count | Percentage |
|---|
A blockchain is a distributed ledger that records transactions across a network of computers. No single party controls it. Each "block" contains verified transactions linked chronologically using cryptographic hashes, forming a chain.
What makes this powerful is immutability. Once a transaction is confirmed, it can't be altered without changing every subsequent block. All participants can verify the entire history.
When you send cryptocurrency, your transaction enters the "mempool" (memory pool)—a waiting area like a bus stop where transactions wait to board a block. Miners or validators pick transactions from this pool based on the fee attached.
On Ethereum, users pay "gas fees" to compensate validators. Higher fees mean faster confirmations, since validators prioritize higher-paying transactions. During heavy network activity, fees spike.
Bitcoin (2009) is the original cryptocurrency—a digital store of value and payment network. It uses Proof of Work (PoW), where miners compete to solve mathematical puzzles, producing blocks roughly every 10 minutes. Block size is limited to about 1MB.
Ethereum (2015) adds smart contracts—self-executing programs that run when conditions are met. It transitioned to Proof of Stake (PoS) in 2022, where validators stake ETH to secure the network. Blocks arrive every 12 seconds.
Layer 2 (L2) networks process transactions off the main chain, bundling them into compressed batches ("blobs") submitted to Ethereum. This cuts costs and increases throughput while inheriting the security of the underlying chain.
Popular L2s include Base (Coinbase), Optimism, Arbitrum, and World Chain. They handle thousands of transactions per second at a fraction of Ethereum's cost. The visualizer shows L2 blob transactions as colored dots.
Gas measures computational effort on Ethereum. Every transaction requires gas, and users bid on how much they'll pay per unit. Total fee = gas used × gas price. When the network is congested, prices rise as users compete for block space.
The "median transfer fee" shown here represents the typical cost of a standard ETH transfer—useful for gauging network conditions.
New blocks arrive like buses carrying transactions. Green dots represent pending transactions in the mempool. When a block confirms, the bus collects transactions and delivers them to the "executed" zone.
Switch between Bitcoin, Ethereum, and Base using the dropdown. Each chain has different block times, volumes, and fees. Compare them to see how design choices affect performance.
The "Transaction Type Analysis" table breaks down smart contract interactions in recent blocks—transfers, swaps, mints, liquidity provisions—revealing what's happening on the network right now.