Recent developments in Layer2 blockchain solutions have showcased significant progress and intense platform competition. Optimism has emerged as a standout performer, particularly regarding new wallet address creation. This metric is crucial for gauging user adoption and overall platform growth. This week, Optimism recorded a remarkable 8% increase in new addresses, which equates to an influx of 4.9 million new users engaging with the platform.
Coin98 Analytics data shared a Twitter post providing insights into the explosive growth and trends in Layer 2 blockchain solutions:
Simultaneously, Arbitrum, another prominent Layer2 solution, made headlines by recording many daily transactions. On November 25, the network processed over 2.4 million transactions, indicating its robust capacity and growing user base. This surge in activity positions Arbitrum as a leader in daily transaction throughput (TPS) alongside other notable contenders like zkSync and Starknet.
The growth in new addresses on leading Layer2 platforms this past week has been noteworthy. For instance, Linea experienced a 12% increase, adding 182,000 new addresses, while Scroll saw a 10% rise, equivalent to 55,000 new addresses. These figures underscore the expanding reach of Layer2 solutions in the blockchain ecosystem. In terms of daily transactions, other platforms are also showing promising trends. Linea and Scroll reported 19% and 12% increases in their total transactions over the past week. This indicates a healthy activity level and user engagement across the Layer2 spectrum.
An equally crucial aspect of these networks is their Total Value Locked (TVL), a metric that reflects the total assets deposited in the network’s protocols. This week, Arbitrum experienced a significant fluctuation in its TVL, with a notable decrease of over $336 million in a single day. However, signs of recovery were evident as the week progressed. In contrast, zkSync’s TVL grew by an impressive 41%, amounting to an additional $43 million compared to the previous week. On the other hand, Scroll saw its TVL decrease by 23%.
The sectoral breakdown of TVL reveals interesting patterns. In the case of Arbitrum, the decrease in TVL on November 24 was primarily attributed to a decline in the decentralized exchange (DEX) sector. The top protocols in Arbitrum’s ecosystem include GMX V1 for derivatives, Uniswap V3 for DEX, AAVE V3 for lending, and Stargate for bridges.
Similarly, the TVL of Optimism showed significant fluctuations, driven mainly by activities in the DEX and bridge sectors. Leading protocols in Optimism include Velodrome V2 for DEX, AAVE V3 for lending, Synthetic for synthetics, Perpetual Protocol for derivatives, and Ethos Reserve for collateralized debt positions (CDPs).
The burgeoning NFT market on Layer2 platforms also witnessed notable trends. Most chains reported a steady increase in the creation of new NFTs. Interestingly, Base led with the highest number of NFTs during weekends. However, in the past week, Arbitrum surpassed Base, becoming the Layer2 platform with the highest number of new NFTs, totaling over 583,000.
In conclusion, the Layer2 sector is experiencing rapid evolution, with platforms like Optimism and Arbitrum leading the charge in various aspects. The increase in new addresses, transaction volumes, and TVL fluctuations indicate a vibrant and increasingly competitive blockchain landscape. As these technologies mature, a pivotal role in the broader adoption of blockchain and decentralized applications is poised.
