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Wednesday, February 1, 2023

Soaring Growth of ETH Layer-2 Networks Set to Continue in 2023

Ethereum layer-2 networks have seen an explosive growth phase over the past couple of months, with a trend that is set to continue in 2023. According to recent data, leading layer-2 networks have seen an increase in daily active users that has translated into a growth in fees for the respective ecosystems.

Polygon leads the pack with 313,457 daily active users as of Jan. 17, a metric that spiked to over 600,000 daily active users earlier in January. That’s a 30% increase in activity since the beginning of October, resulting in nearly $55,000 worth of daily fees for Polygon. Optimism has seen even faster growth, with a 190% gain in daily active users over the past three months. This resulted in daily network fees of $119,475, a gain of almost 140% since the beginning of the year.

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Arbitrum One currently has 41,694 daily active users, an increase of around 40% over the past three months. Daily fees on the network are just over $40,000, according to the data. Meanwhile, L2 ecosystem analytics platform L2beat states that Arbitrum has a market share of 52% in terms of total value locked (TVL), which is currently at $2.55 billion. Aribtrum has seen a 9% increase in TVL over the past week.

ETH Promising Growth

Optimism, the second-largest L2 network, has a TVL of $1.46 billion, giving it a market share of 30%. Its collateral locked has surged by 15% over the past seven days. The two together account for more than 80% of all the collateral locked in layer-2 platforms. There has been an increase of almost 10% in TVL for all L2s over the past week, pushing the total TVL up to $4.89 billion.

The soaring growth of Ethereum layer-2 networks is a sign of the increasing demand for decentralized solutions, as users look to benefit from the greater scalability, security and privacy they offer. With the Ethereum blockchain becoming increasingly congested, layer-2 solutions have become an attractive alternative for users looking to transact faster and cheaper.

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Ethereum layer-2 networks are expected to continue their growth in 2023 as more users gravitate towards the technology, attracted by the benefits they.

 

 

 

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