Ethereum Layer 2 options have witnessed a large achieve in traction and utility in 2021-22. TVL throughout L2 platforms went up by 130% (in ETH phrases) for the reason that starting of this 12 months. However two major platforms stood on the very entrance of this L2 leg race- Arbitrum and Optimism.
Nevertheless, there could be a priority connected to one of many L2 giants that got here proper amidst the unprecedented surge.
Up and down, we go
Given the L2 demand at press time, Arbitrum/Optimism stood at ~30% of ETH every day transactions on the time of writing. In actual fact, the mixed TVL stat right here registered ~10% of ETH with August showcasing an 8.1% surge on the TVL proportion statistics.
Firstly, Optimism’s launch of the liquidity mining program ( OP rewards) for Aave customers aided the stated demand. For the reason that arrival of the OP rewards, customers in early August managed to double Optimism’s TVL from $600 million to nearly $1.2 billion.
Optimism’s token (value) too witnessed a value hike. At press time, OP surged by 6% on CoinMarketCap because it traded across the $1.15 mark.
However was the expansion pure or natural?
Messari analysts offered some proof to showcase the inorganic progress right here. Optimism’s transacting addresses grew sharply from ecosystem incentives however fell off in current weeks.
Regardless that, Optimism’s transacting deal with witnessed some progress, the platform wasn’t capable of maintain the hike.
The one means is up
Alternatively, Arbitrum managed constant lively consumer metrics with out providing any incentives for community utilization. Blockchain analytics platform Nansen reported on the super improve in community exercise on Arbitrum.
Utilized by 106k distinctive addresses and over 306k such addresses as per the earlier report.
On the identical time, don’t overlook the foremost improve scheduled on 31 August.
Nicely, Ethereum layer-2 scaling resolution Arbitrum would bear certainly one of its most vital upgrades. It could improve transaction throughput, slash transaction charges and simplify cross-chain communication between Arbitrum and Ethereum.
Based on decentralized finance aggregator DeFiLlama, Arbitrum registered a $936 million complete worth locked (TVL) on the community unfold throughout 111 completely different protocols. GMX, Stargate, Curve, and Uniswap are among the many most popular applications.