Optimism (OP) and Arbitrum (ARB) are currently among the most popular Layer 2 projects in the market. CoinMarketCap’s latest tweet indicates that both L2s are approaching daily active users. The newest L2, Base, has surpassed OP in terms of active users. However, when considering the competition between OP and ARB, which L2 has the upper hand in the current scenario?
The Competition between ARB and OP!
In the past few months, Optimism’s performance was remarkable as it approached Arbitrum. Especially on August 15th, it overtook Arbitrum in terms of daily active users. The game was different in terms of daily transactions. In July and August, OP surpassed ARB multiple times. These events occurred on July 26th, August 8th, and August 15th, 2023.
This situation showed that OP’s usage is similar to ARB’s usage. There was also a similar competition between the two Layer 2s in terms of fees. In the past three months, both OP and ARB had closely intertwined fee tables. However, Arbitrum had dominance over Optimism in several areas in terms of Total Value Locked (TVL).
Data of Crypto Projects!
OP failed to surpass a TVL of $1 billion and had a value of $721 million at the time of writing. On the other hand, Arbitrum’s TVL exceeded $2 billion but slightly dropped to $1.72 billion at the time of writing. The same trend applied to the DEX volumes of both tokens. The prices of both tokens were similar to their market values. With a market cap of only $200 million, ARB became the 38th largest token, while OP ranked 41st on the same list.
At the time of writing, ARB was trading at $0.9457, while OP was valued at $1.49. However, OP clearly overshadowed ARB on the social front. This can be clearly seen from Santiment’s data, as OP’s social volume was higher than ARB’s. Optimism appeared to have a larger investor base when it was launched. The fact that the number of holders increased from 800,000 to over 900,000 last month, while ARB’s figure remained below 800,000, can also indicate this.