- Layer-2 solutions show growth in terms of TVL share, according to a new report
- The number of active addresses and transactions also increased
According to data provided by Messari, a crypto analytics firm, layer-2 solutions such as Arbitrum and Optimism witnessed improvements in adoption. This may be due to the increasing TVL share of both L2s.
As the spate of alternative L1s took off, commitment to scaling the Ethereum ecosystem paid dividends. pic.twitter.com/xMTo0DfaOm
— Messari (@MessariCrypto) 17 December 2022
Read The optimism [OP] Price prediction for 2023-24
Arbitrum and optimism: Competing in the big leagues
Messari’s data further found that Arbitrum and Optimism had grown in terms of total value locked (TVL) share. These protocols outperformed other protocols such as Fantom and Solana in this category.
One reason for the same would be that as technology has developed, it has become easier for projects to transfer to rollups such as Arbitrum and Optimism. Centralized exchanges have also integrated these make 2 solutions.
These L2 solutions also created user interest in other ways. For example, Optimisme showed positive growth in the NFT area.
Data obtained by Dune Analytics suggested that the number of buyers of Optimism NFTs had increased significantly in recent months. Initiatives such as launch Optimism mission and other launches attracting more users paid off for the layer 2 solutions.
Comparisons to be made on Layer 2 solutions
However, the main appeal of the Layer 2 solutions will be their declining transaction fees.
According to data collected by Dune Analyticshad the fees on both layer 2 solutions decreased significantly. Along with that, both layer 2 solutions helped users to save money. Although both solutions helped users from high Ethereum gas fees, Arbitrum outperformed Optimism and saved users more money.
Both solutions witnessed an increase in activity as well. During the last three months, active addresses on both solutions have noticed a massive increase. But even in this regard, Arbitrum had more active addresses on the network than Optimism.
Another indicator of the growth of the layer 2 solutions would be the fact that the number of transactions on the solutions escalated. The transactions made on their protocols approached the number of transactions made on Ethereum.
If these layer 2 solution transactions continue in the same trajectory, they could match the number of transactions made on the Ethereum network.
It remains to be seen whether the L2 solutions will be able to catch up with Ethereum in the future.
At the time of writing, Optimism’s original token, OP, had taken advantage of interest in the network. It is currently trading at 0.9406 after its price increased by 0.43% in the last 24 hours.