Layer-2 (L2) blockchains have recorded a significant increase in the number of unique addresses in the first half of 2024.
Major network adjustments, including a reduction in transaction fees, and changes in protocol management are some of the key reasons behind the growing interest.
Optimism shines in second grade growth
Data analytics platform Coin98 Analytics highlights significant growth in the number of unique addresses among L2 blockchains. BNBChain, Polygon and Ethereum blockchains continue to lead the way with the most number of addresses, data shows.
Ethereum Layer-2 Network Optimism stands out and registers the most new addresses, with more than 58.4 million since January. This represents an increase of 64% in the past six months. The seven-day net flow across the blockchain was over $56 million on June 29.
Read more: What is Optisim? Everything you need to know
L2 Total unique addresses, Source: Coin98 Analytics
The report coincides with the launch of Optimism Governance Season 6, announced by the network’s governing body, Optimism Collective. With this initiative, the Optimism community, including developers, will jointly implement improvements to the network based on the theme of “Optimizing to Support the Superchain.”
Core tenets of Season 6 include decentralization goals, expanding the Superchain with more networks, and encouraging application developers on the Superchain. The platform’s commitment to improving user experience and promoting community engagement has played an important role in attracting more network participants.
Other notable mentions of unique address statistics include Mantle, Scroll, and Linea, which recorded increases of over 380%, 235%, and 212% respectively.
BNB, Ethereum and Polygon lead the pack
While the governance adjustment was sufficient for the Optimism blockchain, changes in network fees were a good sign for other ecosystems, including BNB Smart Chain. The BNB blockchain leads the way with no less than 458.7 million new unique addresses as of June 30. This growth is achieved through the opBNB L2 solution, which improves the performance and scalability of the network.
BNB adjusted its network fees through the successful BEP 336 Haber Hardfork activation, which delivered a 90% reduction in transaction fees. The upgrade introduced blob-carrying transactions, optimizing the network’s data storage and processing capabilities.
With significantly lower data availability costs for L2 solutions on BNB Smart Chain, transactions become more affordable and accessible. It improves the overall efficiency of the ecosystem, making BNB Chain one of the most economical platforms for users and developers.
Read more: A Beginner’s Guide to Layer-2 Scaling Solutions
Like BNB Smart Chain, Ethereum’s lower costs are also due to blobs after implementing Upgrade EIP-4844 (Proto-Danksharding). The blobs transaction model frees up space within the mainnet and reduces costs on L2 networks.
Polygon’s position at the front of the pack comes because the network offers a multi-chain solution at scale. The framework provides a haven where decentralized applications (DApps) and smart contracts can flourish, free from Ethereum’s typical limitations.
As major adjustments drive growing interest in Layer-2 blockchains, they reflect the impact of improved overall user experience, greater sustainability, and network scalability in driving adoption. The increase in the number of unique addresses also reflects the increasing acceptance and recognition of L2 solutions as viable alternatives to ‘traditional’ blockchain platforms.