- Resilient Adoption: Ethereum layer-2s thrive despite market downturn.
- Coinbase’s Base Shines: Surpasses Optimism in daily transactions.
- Promising Future: Layer-2 ecosystem poised for growth with upcoming upgrades.
Amidst a prolonged bear market, Ethereum (ETH) layer-2 scaling solutions are demonstrating resilience and promise within the cryptocurrency landscape, as observed by analytics firm IntoTheBlock.
In a recent publication, IntoTheBlock delves into the emerging prominence of Ethereum’s layer-2 solutions, particularly highlighting Optimism (OP), Arbitrum (ARB), and Base.
The analytics firm highlights the growing traction of Ethereum‘s scaling solutions over the past few months, with novel projects entering the arena almost on a weekly basis.
Among these solutions, Coinbase’s Base, constructed upon the OP Stack, has notably stood out, achieving a brief surge in daily transactions shortly after its launch, even briefly surpassing Optimism’s activity, reports IntoTheBlock.
Optimism’s advancement is attributed to the launch of the prominent identity project WorldCoin (WLD) on its network. Moreover, Optimism is witnessing an increase in its revenue stream, as Base shares a portion of its fees with the protocol’s decentralized autonomous organization (DAO).
IntoTheBlock further reveals that the volume of transactions transpiring between the Ethereum mainnet and significant layer-2 networks reached its second-highest historical value, closely following the day when Arbitrum distributed $1.7 billion worth of ARB tokens to users via an airdrop.
Despite market fluctuations, IntoTheBlock underscores the robust fundamentals observed within the layer-2 ecosystem throughout the bearish phase.
“In essence, even amidst market volatility, the Ethereum layer-2 landscape has demonstrated remarkable strength. Optimism’s ascendancy is evident through its swift adoption of the OP Stack. Base has distinguished itself as one of the most rapidly growing networks. Meanwhile, Arbitrum maintains its dominance in the realm of decentralized finance (DeFi), although its spotlight has dimmed slightly since the initial airdrop frenzy. Each of these layer-2 solutions is poised to reap significant benefits from the forthcoming Dencun upgrade, ultimately propelling Ethereum towards broader adoption.”