How newcomer Base has rattled Ethereum Layer 2 leaders

Elevated L2 adoption has led to a bounce in transaction depend throughout Ethereum Mainnet and main optimistic rollups.
Because of the launch of good friend.tech, Base outperformed Optimism and Arbitrum final week.

The transaction numbers between Ethereum [ETH] Mainnet and main optimistic rollups just lately hit their second-highest worth ever, IntoTheBlock famous in an 18 August tweet.

Transaction numbers between Ethereum Mainnet & main optimistic rollups simply hit their 2nd highest worth ever! The overall variety of transactions is now roughly 3x larger than through the bull market peak #ETH #L2 pic.twitter.com/tV5e6ZIftJ

— IntoTheBlock (@intotheblock) August 18, 2023

In response to the on-chain knowledge supplier, the whole variety of transactions between Ethereum, Optimism [OP], Arbitrum [ARB], and newcomer Base surged to roughly 3 times the extent noticed “through the bull market peak.”

Base guidelines over Optimism and Arbitrum

Lower than a month outdated, elevated exercise on Ethereum Layer 2 (L2) community Base within the final week pushed its common day by day transactions depend above that of Optimism and Arbitrum, knowledge from TheBlock knowledge dashboard revealed.

On-chain evaluation of day by day transaction counts throughout the three networks over a 7-day shifting common confirmed that Base’s common day by day transactions on 15 August totaled 557,140. Optimism trailed behind with 597,000, whereas Arbitrum got here in third place with a depend of 576,000.

Supply: TheBlock

By way of new day by day distinctive addresses, Base outperformed Optimism and Arbitrum throughout the first six days of its launch. Nevertheless, with its hype plummeting, this metric has begun a descent.

As of 17 August, Base noticed the creation of 24,000 new addresses, whereas Optimism and Arbitrum recorded 32,000 and 29,000, respectively.

Supply: TheBlock

The surge in Base’s utilization final week was because of the launch of good friend.tech on the L2 community. good friend.tech lets customers purchase and promote tokenized shares of crypto personalities. In response to knowledge from Dune Analytics, good friend.tech has processed over 450,000 transactions from 35,000 distinctive customers because it launched.

As of this writing, the cumulative depend of customers on Base stood at 755,471, whereas the whole depend of transactions accomplished to this point rested above 10 million.

Supply: Dune Analytics

Concerning the whole worth of property despatched to the community, knowledge from Dune Analytics confirmed that $236.16 million has been bridged to this point. Since its launch, $144 million price of Ether [ETH] tokens have been bridged to Base. This represents 61% of all property on the L2 community.

The L2 race continues

The adoption of L2 scaling options has elevated considerably this yr, and Optimism and Arbitrum have seen a big bounce in community exercise because of this.

As of 18 August, Optimism had 116,000 energetic addresses and 592,000 transactions, whereas Arbitrum recorded 135,000 energetic addresses and 595,000 transactions.

The conflict is on between @optimismFND and @arbitrum 🔥

Over the previous 6 months, Optimism’s energetic addresses and day by day transactions have been steadily growing

Yesterday Optimism hit 116k energetic addresses and 592k txs, in comparison with Arbitrum’s 135k energetic addresses and 595k txs pic.twitter.com/yHU8cyQF6X

— Nansen 🧭 (@nansen_ai) August 17, 2023

By way of whole worth locked (TVL), Arbitrum’s $6 billion represents 56% of all property locked throughout the L2 ecosystem. Within the second place, Optimism holds $3 billion in TVL, knowledge from L2Beat confirmed.