- Arbitrum’s TVL remained high compared to Optimism, as did DEX volume.
- Optimism dominated Arbitrum on the social front and reflected its popularity.
Optimism [OP] And Arbitration [ARB] are two of the most popular Layer 2s on the market today. To that extent, CoinMarketCap’s recent tweet indicated that daily active users on both L2s were closing in.
#CMCStats: #Basing vs #arbitrum vs #Optimism ✨
Here’s a chart comparing the daily active users of these three chains.
Which one are you currently using? 😉 pic.twitter.com/qBeNrXgcgj
— CoinMarketCap (@CoinMarketCap) August 25, 2023
Read Optimism [OP] Price Prediction 2023-24
Interestingly, Base, the latest L2 on the market, surpassed OP in terms of active users. But given the competition between OP and ARB, which L2 has the edge in the current scenario?
Optimism vs. Arbitrum: An Intense Competition
In recent months, Optimism has performed remarkably as it moved closer and closer to Arbitrum. The former, in particular, flipped the latter on August 15 in daily active users.
The game in terms of daily trades was different, like in July and August, ON flipped ARB a few times. Such incidents occurred on July 26, August 8, and August 15, 2023. This indicated that the use of OP was similar to that of ARB.
Source: Artemis
Similar competition was also noted in terms of the fees for both tier 2. Over the last three months, both OP and ARB‘s fee charts are closely interrelated. However, there were a few areas where Arbitrum dominated Total Value Locked (TVL) optimism.
OP failed to raise its TVL above the $1 billion mark and was valued at $721 million at the time of writing. On the other hand, Arbitrum’s TVL surpassed $2 billion but fell slightly to $1.72 billion at the time of writing. The same trend continued for the DEX volumes of both L2s.
Source: Artemis
A look at how OP and ARB are doing
The prices of both tokens were also similar, as was their market cap. ARB’s market cap was only 200 million, making ARB the 38th largest token ON was ranked 41st on the same list.
How many Worth 1,10,100 ARBs today?
At the time of writing, ARB was trade at $0.9457, while OP was valued at $1.49. On the social level, however, OP clearly outperformed the ARB. This was apparent from Santiment’s data, as OP’s social volume remained higher than ARB’s.
Interestingly, Optimism also appeared to have a larger investor base at the time of publication. This was clear from the number of holders, which rose from 800,000 to over 900,000 last month. ARB‘s figure remained below 800,000.
Source: Sentiment
