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Data analytics company IntoTheBlock reported that Ethereum Layer-2s, built on the altcoin king, continue to act as shining spots in the crypto world despite the long and painful bear market.
The Rise of Ethereum Layer-2s
IntoTheBlock examined the most popular Ethereum Layer-2s, including Optimism (OP), Arbitrum (ARB), and Coinbase‘s Base, in a new analysis. The company stated that interest in Ethereum scaling solutions has significantly increased in the past few months, with a new project being launched almost every week.
According to IntoTheBlock, Coinbase’s Base, built on the OP Stack, became a standout project in this area by briefly surpassing Optimism in daily transactions just a few weeks after its launch.
IntoTheBlock also highlighted the high-profile identity project Worldcoin (WLD), built on Optimism’s network. Currently, Optimism’s revenues are increasing as Base shares a portion of transaction fees with the protocol’s decentralized autonomous organization (DAO). The company also reported that the number of transactions between the Ethereum mainnet and major Layer-2s reached the second-highest level in history immediately after Arbitrum distributed $1.7 billion worth of ARB tokens through an AirDrop.
Still Gaining Interest Despite the Bear Market
IntoTheBlock added that the Layer-2 ecosystem, in general, has shown healthy fundamentals during the bear market, stating, “Overall, Layer-2s seem to be a bright spot for Ethereum despite market volatility.”
The data analytics company also mentioned, “Optimism gained momentum with the rapid adoption of the OP Stack. Base became one of the fastest-growing networks. Arbitrum continues to dominate DeFi despite receiving less attention after the AirDrop. All these L2s are preparing to benefit from the implementation of the Dencun update and ultimately contribute to wider adoption of Ethereum.”
