One Ethereum (ETH) layer 2 scaling solution has witnessed staggering address growth since January, according to crypto analytics firm IntoTheBlock.
The firm notes that the Optimism (OP) network currently clocks in at over 5.9 million addresses, with a balance, a massive 391% increase over the 1.2 million addresses the project had in January.
The original sign of optimism, OP, is also rising. The 40th-ranked crypto asset by market capitalization is trading at $2.58 at the time of writing and is up almost 16% in the last 24 hours. OP is also up almost 180% since the beginning of the year.
Despite the increase in the number of addresses, Optimism still lags behind rival Ethereum scaling solution Arbitrum (ARB) in terms of daily transactions.
For example, optimism is clocked about 444,000 transactions on Thursday, while Arbitrum registered more than 795,000, according to both projects’ respective block explorers.
However, both projects lead Coinbase’s recently launched Ethereum scaler Base, which witnessed about 304,000 transactions on Thursday.
Coinbase officially released Base in August. The project, which is powered by Optimism, does not currently have a native token. It is designed to be compatible with Ethereum, Ethereum layer-2s and alternative layer-1 blockchains.
ARB is trading at $1.17 at the time of writing. The 54th-ranked crypto asset by market cap is up almost 6% in the past 24 hours.
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Generated image: Midjourney