How newcomer Base has rattled Ethereum Layer 2 leaders

• Elevated L2 adoption has led to a bounce in transaction rely 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 not too long ago 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 entire variety of transactions is now roughly 3x larger than throughout the bull market peak #ETH #L2 pic.twitter.com/tV5e6ZIftJ

— IntoTheBlock (@intotheblock) August 18, 2023

In keeping with the on-chain knowledge supplier, the overall variety of transactions between Ethereum, Optimism [OP], Arbitrum [ARB], and newcomer Base surged to roughly thrice the extent noticed “throughout 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Lower than a month outdated, elevated exercise on Ethereum Layer 2 (L2) community Base within the final week pushed its common each day transactions rely above that of Optimism and Arbitrum, knowledge from TheBlock knowledge dashboard revealed.

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

By way of new each day distinctive addresses, Base outperformed Optimism and Arbitrum inside 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. 

The surge in Base’s utilization final week was as a result of launch of good friend.tech on the L2 community. good friend.tech lets customers purchase and promote tokenized shares of crypto personalities. In keeping with 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 rely of customers on Base stood at 755,471, whereas the overall rely of transactions accomplished up to now rested above 10 million. 

Concerning the overall worth of belongings despatched to the community, knowledge from Dune Analytics confirmed that $236.16 million has been bridged up to now. Since its launch, $144 million value of Ether [ETH] tokens have been bridged to Base. This represents 61% of all belongings 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 major bounce in community exercise consequently. 

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 struggle is on between @optimismFND and @arbitrum 🔥

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

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 belongings locked inside the L2 ecosystem. Within the second place, Optimism holds $3 billion in TVL, knowledge from L2Beat confirmed.