Layer 2 or LXNUMX solutions on Ethereum are gaining increasing attention, despite bearish market conditions.
This is according to market intelligence platform IntoTheBlock, which highlights that in recent months, the activity of Layer 2 solutions on the Ethereum blockchain has increased considerably.
According to the platform, a new second-layer network emerges almost every week on Ethereum, the most prominent blockchain in the crypto industry for the development of smart contracts.
In the report "Ethereum L2 Activity Spikes”, the platform's head of research, Lucas Outumuro, noted that Optimism and Base are the L2s that currently see the highest levels of development activity and user adoption on Ethereum.
Optimism, developed by the Optimism Foundation, set a new all-time high in terms of transactions, while Base has accumulated close to $170 million in TVL (Total Value Locked), the report said.
Optimism was close to 900.000 daily transactions
In the middle of this month, the Optimism network recorded almost 900.000 daily transactions, the highest number of transactions seen since the network was launched and surpassing its competitor Arbitrum for the first time this year.
According to Outumuro, transaction activity on Optimism was driven by the launch of worldcoin, the cryptocurrency developed by Chat GPT co-founder Sam Altman, which was launched in late July with the aim of distributing value among people around the world in a fair and equitable manner.
Outumuro commented that the launch of Worldcoin contributed to the surge in transactions on Optimism as users claimed WLD tokens.
He also noted that enthusiasm for Optimism has contributed to Maintain the value of your OP token, whose price has decreased by only 1% over the past 30 days. In comparison, Outumuro highlighted that other L2 tokens, such as MATIC and ARB, have fallen by 20% and 18%, respectively, over the same period.
Ethereum benefits from activity in layer 2 solutions
“As competition between L2s grows, it is clear that Ethereum benefits,” the report said.
According to the data, Ethereum has recorded the second largest cumulative value in the number of transactions processed between the Ethereum mainnet and major Layer 2 scaling solutions. The previous high was set in March of this year, when Arbitrum handed out $1.700 billion worth of ARB tokens to users during its airdrop.
The total number of transactions recorded on Ethereum, including those processed through L2s, is currently three times higher than during the peak of the bull market, the platform said.
However, despite layer 2 solutions offering faster speeds and lower fees, Ethereum’s use for transactions remains constant. According to on-chain data, Ethereum is processing close to 1 million transactions per day.
Arbitrum dominates Ethereum's DeFi
On the other hand, although activity on Optimism and Base has increased significantly, Arbitrum is the L2 that continues to dominate the Ethereum decentralized finance ecosystem, with a TVL of $1.729 billion, according to data consulted on the DeFi Llama platform.
Continue reading: SEC Could Approve 1st Ethereum Futures ETF in October, Bloomberg Says
