- Activity and transactions on Layer 2 networks grew significantly in the last few months.
- Optimism and Base showed saw the most growth over the last quarter.
The Layer 2 sector has continued to see new entrants coming in and trying to make a name for themselves despite the heightened competition on these networks.
Competition on the rise
Looking at the state of Layer 2 networks in Q2 2024, there was a clear hierarchy based on total unique addresses.
Optimism[OP] remained the leader with a staggering 149.6 million addresses, followed by Base (84.7 million) and Arbitrum[ARB] (33.2 million). This established user base indicates strong adoption for these platforms.
Interestingly, when it comes to daily creation of new unique addresses, a different picture emerged. Base, Optimism, and Arbitrum were all neck-and-neck, indicating a constant influx of fresh users across these platforms.
Notably, Base experienced a particularly impressive surge on 1st June, with a record 1 million addresses created in a single day.
Source: X
Further analysis of new address growth in Q2 reveals some up-and-coming players. Blast and Mantle saw explosive growth rates of 175% and 160% respectively, suggesting they’re rapidly attracting new users.
Interestingly, Base also holds the crown for the most new addresses added in Q2, with a total of 16 million. This data paints a dynamic picture of the Layer 2 landscape, with established players maintaining a strong presence while new entrants make significant strides.
Daily transactions on Layer 2 networks further solidify the dominance of established players. opBNB, Base, and Arbitrum led the pack in Q2 2024, processing a staggering daily average of 4.7 million, 2.6 million, and 1.9 million transactions, respectively.
These high volumes highlight the efficiency and scalability that Layer 2 solutions provide.
Source: X
However, the landscape isn’t static. While established players maintain a strong presence, new entrants are making significant strides in terms of transaction growth.
Blast, for example, witnessed an outstanding 484% increase in total transactions, showcasing its rapid user adoption. Base also deserves recognition with a 166% growth, and Scroll isn’t far behind at 89%.
Realistic or not, here’s ARB’s market cap in BTC terms
Token activity
At press time, ARB was trading at $0.6717 and its price had grown by 3.50% in the last 24 hours. The price of OP followed a similar trend and also surged significantly by 3.42%.
Despite the surge in price, the network growth of both tokens fell, indicating that new addresses had lost interest in both the ARB and OP token.
Source: Santiment