Ethereum Layer-2 Scaling Solutions Show Increased Specialization as Key Protocols Forge Unique Directions: Insights by IntoTheBlock
IntoTheBlock Analytics Firm Reports Evolution and Specialization Among Leading Ethereum (ETH) Layer-2 (L2) Protocols
IntoTheBlock highlights the evolving landscape of Ethereum-scaling solutions, with Base, Arbitrum (ARB), and Optimism (OP) forging their distinct paths and contributing to a "robust and diverse ecosystem."
Starting with Base, the analytics firm notes that Coinbase's new layer-2 protocol is thriving, leveraging the extensive user base of the crypto exchange and the rise of blockchain-based social networking platform Friend.tech. IntoTheBlock's report states, "Ethereum's L2 landscape is witnessing a surge of specialization among its key players. Base leads with the highest number of unique addresses and transactions, driven by Coinbase's wide reach, making it an ideal choice for social applications like FriendTech to flourish."
Friend.tech has garnered over 100,000 users within a few weeks of its launch, contributing to Base's expansion among retail users.
Blockchain data reveals that Base recorded over 1.8 million transactions on September 14th, surpassing its previous record of approximately 1.4 million.
IntoTheBlock also observes the growth of Arbitrum, emphasizing its dominance in the decentralized finance (DeFi) sector. The report states, "Arbitrum maintains unparalleled transaction volumes, hosting the most liquid decentralized exchanges (DEXs) and boasting the highest Total Value Locked (TVL) in the DeFi space."
Regarding Optimism, the analytics firm notes that this Ethereum-scaling solution has found its niche by serving as the foundational infrastructure for other layer-2 solutions. It states, "Optimism is realizing its aspirations as a superchain, particularly with the OP Stack proving valuable as the fundamental infrastructure for other L2 projects, including Mantle and Base."
As of the time of writing, ARB is trading at $0.816, while OP is valued at $1.37. It's worth noting that Base, which was officially launched last month, does not currently have its own network token.
Sep 17, 2023
