Optimism, Arbitrum, Polygon. Successes of L2 Ethereum solutions
According to the most recent Token Terminal statistics, the top layer 2 networks based on Ethereum have experienced a sharp rise in the number of active users. These include L2 solutions like Optimism, Arbitrum, and Polygon.
With a 30% increase over the previous three months, Polygon has risen to the top spot. More than 300,000 wallets support network activity each day, spending a total of $55,000 per day on commissions. This may be a result of the significant number of partnerships formed in 2022. After all, the Polygon project started collaborating with well-known companies like Nike, Disney, Starbucks, Instagram, and Reddit during this time.
Optimism showed the biggest increase. Its activity has soared by as much as 190% since October of last year, bringing the daily payment for gas in the network up to $120,000. This is most likely due to the Optimism Quests campaign, which aims to popularize the blockchain. Users who have accumulated a certain amount of NFTs from this campaign are eligible for the airdrop. This was covered in one of our recent articles.
Optimism showed the biggest increase. Its activity has soared by as much as 190% since October of last year, bringing the daily payment for gas in the network up to $120,000. This is most likely due to the Optimism Quests campaign, which aims to popularize the blockchain. Users who have accumulated a certain amount of NFTs from this campaign are eligible for the airdrop. This was covered in one of our recent articles.
In the case of Arbitrum One, the network activity increased by 40% during the same period. These are 41,000 wallets that process transactions on a regular basis. It's worth noting that the Arbitrum team ran a campaign last year, but it was halted due to a high network load. The developers promised to resume it after a technical update called Nitro. Even though the update is completed as of right now, there hasn't been any new information released.
Ethereum TVL Source: L2beat
By the way, according to L2beat analytics, DecisionOne leads all Ethereum L2 solutions by TVL. The total value locked in Arbitrum amounts to 2.6 billion dollars. Currently, its share among similar Layer-2 networks is 52%. Optimism comes in second and has already surpassed the 1.5 billion dollar mark. This represents nearly a third of the entire Ethereum L2 market, which has increased by almost 10% in the last week.
Previously, there was a widespread belief that after the Ethereum network's shift to Proof-of-Stake, Layer 2 networks would no longer be relevant. But things turned out differently. Conversely, Polygon, Arbitrum, and Optimism appear to be gaining traction and may become more popular in 2023.
Previously, there was a widespread belief that after the Ethereum network's shift to Proof-of-Stake, Layer 2 networks would no longer be relevant. But things turned out differently. Conversely, Polygon, Arbitrum, and Optimism appear to be gaining traction and may become more popular in 2023.
Read our article to learn more about L2 solutions.
Dmytro Psevdonimenko
Author
Has been exploring the enigmas of the crypto industry since 2017, transforming them into accessible narratives. Relies on dark chocolate and nuts as a secret source of energy and inspiration.
