- The increased adoption of L2 has led to a jump in the number of transactions Ethereum Mainnet and Big Optimistic Rollups.
- Due to the launch of friend.tech, Base outperformed Optimism and Arbitrum last week.
The transaction numbers between Ethereum [ETH] Mainnet and big bullish rollups recently reached their second-highest value ever, IntoTheBlock noted in an Aug. 18 tweet.
Transaction numbers between Ethereum Mainnet and big optimistic rollups just reached their second highest value ever! The total number of trades is now about 3x higher than during the bull market peak #ETH #L2 pic.twitter.com/tV5e6ZIftJ
— IntoTheBlock (@intotheblock) August 18, 2023
According to the on-chain data provider, the total number of transactions between Ethereum, Optimism [OP]arbitration [ARB]and newcomer Base rose to about three times the level observed “during the bull market peak”.
Basic rules about Optimism and Arbitrum
Less than a month old, increased activity on Ethereum Layer 2 (L2) network Base over the past week pushed the average daily number of transactions above that of Optimism and Arbitrum, data from The block data dashboard revealed.
On-chain analysis of daily transaction counts across the three networks over a 7-day rolling average showed that Base’s average daily transactions totaled 557,140 on Aug. 15. Optimism trailed with 597,000, while Arbitrum was third with 576,000.
Source: The Block
In terms of new daily unique addresses, Base outperformed Optimism and Arbitrum within the first six days of launch. However, now that the hype has plummeted, this statistic has begun a descent.
As of August 17, Base saw the creation of 24,000 new addresses, while Optimism and Arbitrum registered 32,000 and 29,000 respectively.
Source: The Block
Last week’s increase in Base usage was driven by the launch of friend.tech on the L2 network. friend.tech allows users to buy and sell tokenized shares of crypto personalities. According to data from Dune analysisfriend.tech has processed more than 450,000 transactions from 35,000 unique users since launch.
At the time of writing, the cumulative number of users on Base stands at 755,471, while the total number of transactions completed to date has exceeded 10 million.
Source: Dune analysis
In terms of the total value of assets sent to the network, data from Dune Analytics showed that $236.16 million has been bridged to date. $144 million in Ether since launch [ETH] tokens are bridged to Base. This represents 61% of all assets on the L2 network.
The L2 race continues
Adoption of L2 scaling solutions has increased significantly this year, and Optimism and Arbitrum have seen a significant jump in network activity as a result.
As of August 18, Optimism had 116,000 active addresses and 592,000 transactions, while Arbitrum recorded 135,000 active addresses and 595,000 transactions.
The war is going on between @optimismFND And @arbitrum 🔥
Over the past 6 months, Optimism’s active addresses and daily transactions have steadily increased
Yesterday, Optimism reached 116,000 active addresses and 592,000 txs, compared to Arbitrum’s 135,000 active addresses and 595,000 txs pic.twitter.com/yHU8cyQF6X
— Nansen 🧭 (@nansen_ai) August 17, 2023
In terms of Total Value Locked (TVL), Arbitrum’s $6 billion represents 56% of all assets locked within the L2 ecosystem. Second, Optimism owns $3 billion worth of TVL, data from L2Beat showed.
Source: L2Beat