Layer 2 networks are surging
As we analyze the state of Layer 2 networks in the second quarter of 2024, it's evident there exists a structured ranking based on the count of unique addresses.
Leading the pack, Optimism boasted a remarkable 149.6 million addresses, with Base trailing at 84.7 million, and Arbitrum securing a place with 33.2 million. These numbers reflect significant adoption levels for these ecosystems.
However, a shift in perspective towards the daily generation of new unique addresses unveils a tight competition. Base, Optimism, and Arbitrum are in a closely contested race, demonstrating a steady flow of new entrants into their networks.
A standout moment was observed on June 1, where Base saw an unprecedented surge, adding a million addresses in a mere day.
A deeper dive into the growth of new addresses in Q2 highlights emerging contenders. Blast and Mantle, with growth rates of 175% and 160% respectively, are on a swift trajectory to capturing a significant user base.
Base also emerges victorious in the tally for the most new addresses in Q2, amassing 16 million. This narrative showcases a vibrant Layer 2 ecosystem, with stalwarts maintaining their foothold as newcomers carve out their niche.
The narrative of daily transactions further cements the supremacy of the frontrunners. opBNB, Base, and Arbitrum emerged as leaders in Q2 2024, with an impressive daily tally of 4.7 million, 2.6 million, and 1.9 million transactions, pointing towards the agility and scalability inherent in Layer 2 solutions.
Yet, the scenario is far from static. While the veterans continue to dominate, fresh faces are charting a notable path in transactional growth.
Blast, notably, saw a monumental 484% jump in transactions, underscoring its swift embrace by users. Base, with a 166% upswing, and Scroll, close behind with 89%, also deserve accolades.
As of the latest, ARB is valued at $0.6717, witnessing a 3.50% elevation in the past day. Similarly, OP's valuation ascended by 3.42%, mirroring a vibrant trend.
Despite these upward movements, the network growth for both tokens observed a downturn, hinting at a waning interest among new entrants towards the ARB and OP tokens.
