Layer 2 networks boom: How Optimism, Base are leading the charge

  • Activity and transactions on Layer 2 networks grew significantly in the last few months.
  • Optimism and Base showed saw the most growth over the last quarter.

The Layer 2 sector has continued to see new entrants coming in and trying to make a name for themselves despite the heightened competition on these networks.

Competition on the rise

Looking at the state of Layer 2 networks in Q2 2024, there was a clear hierarchy based on total unique addresses.

Optimism[OP] remained the leader with a staggering 149.6 million addresses, followed by Base (84.7 million) and Arbitrum[ARB] (33.2 million). This established user base indicates strong adoption for these platforms.

Interestingly, when it comes to daily creation of new unique addresses, a different picture emerged. Base, Optimism, and Arbitrum were all neck-and-neck, indicating a constant influx of fresh users across these platforms.

Notably, Base experienced a particularly impressive surge on 1st June, with a record 1 million addresses created in a single day.

Screenshot 2024 07 09 at 1.01.46 PM

Source: X

Further analysis of new address growth in Q2 reveals some up-and-coming players. Blast and Mantle saw explosive growth rates of 175% and 160% respectively, suggesting they’re rapidly attracting new users.

Interestingly, Base also holds the crown for the most new addresses added in Q2, with a total of 16 million. This data paints a dynamic picture of the Layer 2 landscape, with established players maintaining a strong presence while new entrants make significant strides.

Daily transactions on Layer 2 networks further solidify the dominance of established players. opBNB, Base, and Arbitrum led the pack in Q2 2024, processing a staggering daily average of 4.7 million, 2.6 million, and 1.9 million transactions, respectively.

These high volumes highlight the efficiency and scalability that Layer 2 solutions provide.

Screenshot 2024 07 09 at 1.03.14 PMScreenshot 2024 07 09 at 1.03.14 PM

Source: X

However, the landscape isn’t static. While established players maintain a strong presence, new entrants are making significant strides in terms of transaction growth.

Blast, for example, witnessed an outstanding 484% increase in total transactions, showcasing its rapid user adoption. Base also deserves recognition with a 166% growth, and Scroll isn’t far behind at 89%.

Realistic or not, here’s ARB’s market cap in BTC terms

Token activity

At press time, ARB was trading at $0.6717 and its price had grown by 3.50%  in the last 24 hours. The price of OP followed a similar trend and also surged significantly by 3.42%.

Despite the surge in price, the network growth of both tokens fell, indicating that new addresses had lost interest in both the ARB and OP token.

Arbitrum ARB 13.48.31 09 Jul 2024Arbitrum ARB 13.48.31 09 Jul 2024

Source: Santiment


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