Ethereum Layer-2s Gaining Momentum Despite Market Doldrums, Says Analytics Firm IntoTheBlock
Ethereum (ETH) layer-2s are continuing to establish themselves as bright spots on the crypto landscape despite a lengthy bear market, analytics firm IntoTheBlock reports.
The firm says that Ethereum scaling solutions have been getting an increased amount of traction in the last several months, with new projects launching almost every week.
Coinbase’s Base, which is built on top of the OP Stack, has been a highlight in the space, briefly surpassing Optimism in daily transactions just weeks after launching, according to IntoTheBlock.
IntoTheBlock says that Optimism has benefited from the launch of the high-profile identity project WorldCoin (WLD), which is built on the network. Optimism is also seeing a boost in revenues as Base shares some of its fees with the protocol’s decentralized autonomous organization (DAO).
The firm also reports that the number of transactions processed between the Ethereum mainnet and major layer-2s hit its second-largest value in history, just behind the day Arbitrum airdropped $1.7 billion worth of ARB tokens to users.
In general, IntoTheBlock says the layer-2 ecosystem has been showing healthy fundamentals throughout the bear market.
“Overall, despite market volatility, it seems that L2s for Ethereum have been a bright spot. Optimism has gained momentum with the OP Stack becoming quickly adopted. Base has become one of the fastest-growing chains.
And Arbitrum continues to dominate DeFi (decentralized finance) even if it’s getting less attention than it did shortly after the airdrop. All of these L2s are poised to benefit greatly from the implementation of the Dencun upgrade and ultimately help push Ethereum towards broader adoption.”
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