Layer-2 solutions are showing growth in terms of TVL share, according to a new report
The number of active addresses and transactions also increased
According to data from Messari, a crypto analytics company, layer-2 solutions, such as Arbitrum and Optimism, witnessed adoption improvements. This may be due to the growing TVL share of both L2s.
As the hype of alternative L1s waned, the commitment to scaling up the Ethereum ecosystem paid off. pic.twitter.com/xMTo0DfaOm
— Messari (@MessariCrypto) December 17, 2022
Read Optimism [OP] Price prediction for 2023-24
Arbitrum and Optimism: Competing in the Big Leagues
Messari’s data further showed that Arbitrum and Optimism had grown in terms of total value locked (TVL) share. These protocols outperformed other protocols such as Fantom and Solana in this category.
One reason for the same would be that as technology has progressed it has become easier for projects to transfer to rollups like Arbitrum and Optimism. Centralized exchanges have also integrated these layer 2 solutions.
These L2 solutions sparked user interest in other ways as well. For example, Optimism showed positive growth in the NFT space.
Data obtained by Dune Analytics suggested that the number of buyers of Optimism NFTs had grown significantly in recent months. Initiatives such as launch Optimistic quests and others launches to attract more users paid off for the layer 2 solutions.
Comparisons should be made on Layer 2 solutions
However, the main attraction of the Layer 2 solutions is the decreasing transaction costs.
According to data collected by Dune analysisthe costs for both layer 2 solutions were significantly reduced. In addition, both layer 2 solutions helped users save money. While both solutions helped users from high Ethereum gas fees, Arbitrum outperformed Optimism and saved users more money.
Both solutions also witnessed a spike in activity. In the past three months, active addresses on both solutions have seen a huge spike. But even in this regard, Arbitrum had more active addresses on its network than Optimism.
Another indicator of the growth of the layer 2 solutions would be the fact that the number of transactions on the solutions escalated. The transactions made on their protocols got closer to the number of transactions made on Ethereum.
If these layer 2 solutions transactions continue on the same trajectory, they could match the number of transactions being made on the Ethereum network.
It remains to be seen whether the L2 solutions can catch up with Ethereum in the future.
At the time of writing, Optimism’s native token, OP, had benefited from the interest in its network. It is currently trading at 0.9406 after the price is up 0.43% in the past 24 hours.
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