New knowledge recommend that the ecosystem is seeing report community exercise. Within the final two months, each layers – 1 and a couple of – have collectively processed 152 million transactions. Nonetheless, it’s the layer two options corresponding to Arbitrum, Optimism, and others that accounted for 58%.
Alternatively, Ethereum mainnet transactions have been observed to be hovering at their lowest level in over two years, which isn’t the case for layer two rollups. The latter is chargeable for processing as many transactions because the mainnet.
Arbitrum: Undisputed Layer 2 Chief
Arbitrum, Optimism, zkSync, and StarkNet are 4 standard Layer 2s. The elevated adoption of the primary two rollups, nonetheless, may also be attributed to the truth that t has grow to be simpler for tasks to port over. Even well-known centralized crypto exchanges have built-in these two outstanding layer-two options.
Because the hype of different L1s wore off, dedication to scaling the Ethereum ecosystem paid dividends. pic.twitter.com/xMTo0DfaOm
— Messari (@MessariCrypto) December 17, 2022
Wanting on the whole worth bridged by these protocols, Arbitrum has established a transparent dominance with $1.06 billion. Regardless of the bear market, its progress has been regular and might be partly credited to the Nitro improve, which launched decrease charges, elevated capability, and smoother growth.
Moreover, its developer – Offchain Labs – raised round $147 million in funding from the likes of Lightspeed Ventures, Coinbase Ventures, Pantera Capital, in addition to billionaire Mark Cuban, amongst others. In accordance with Pitchbook, the agency’s post-money valuation is over $1.2 billion.
In a bid to broaden the footprint of Arbitrum, Offchain Labs announced the acquisition of Prysmatic Labs, which occurs to be one of many core engineering groups behind Ethereum’s transition to proof-of-stake.
Optimism Trailing Intently
The newest stats from DeFiLlama additionally confirmed that Optimism has grown considerably by way of TVL share, which presently stood at $526.15 million. Outdoors of DeFi, the layer 2 answer has witnessed constructive progress within the NFT house. The variety of patrons of Optimism NFTs has been on a constant upward trajectory over the previous few months. A number of initiatives, corresponding to introducing Optimism quests, amongst others, have managed to draw extra customers.
The scaling answer secured $150 million in Sequence B funding, co-led by Andreessen Horowitz and Paradigm, in March this 12 months.
Layer 2 options’ foremost enchantment is declining transaction charges. In that regard, Arbitrum and Optimism have carried out pretty effectively. Dune Analytics knowledge suggested that the charges on each the layer 2 options have plunged considerably.