Optimism (OP), Polygon (MATIC) or Arbitrum: Which Ethereum L2 Is Dominant?

Cryptocurrency analyst DeFi Mochi in contrast the important thing indicators of Optimism (OP), Polygon Community (MATIC) and Arbitrum to seek out out who is definitely utilizing these second-layer options.

Polygon Community (MATIC) utilization spiked in This autumn, 2022, because of this catalyst

DeFi Mochi took to Twitter to share the evaluation of community exercise on Ethereum (ETH) second-layer options, together with Polygon Community (MATIC), Optimism (OP) and Arbitrum. The researcher used on-chain information from Dune Analytics custom-made dashboards.

With the approaching of Shanghai and the sudden run up of tokens and LSDs, an apparent narrative for 2023 is @ethereum Layer 2s.

Who’s successful the L2 wars and what does on chain pockets and transaction information inform us? I crunch information with @DuneAnalytics 📊 that will help you discover out!

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0/18 pic.twitter.com/tto3JAa0n2

— Defi_Mochi (🍡, 📊) (@defi_mochi) January 14, 2023

All L2 networks witnessed a large influx of customers after the collapse of the FTX alternate in November as extra merchants determined emigrate to the decentralized futures buying and selling platform GMX.

Whereas Polygon (MATIC) remains to be the chief in relation to every day transactions, Optimism (OP) managed to quadruple its ERC-20 transfers market share within the final three months. It siphoned part of Arbitrum’s exercise.

Because of its NFT-centric partnership with Reddit, Polygon (MATIC) is the undisputed chief of ERC-721 transactions. Out of 13 million Polygon (MATIC) wallets with NFTs, 4 million took half on this collaboration.

Arbitrum is whale-dominated, whereas Optimism (OP) approaches Bedrock

In the meantime, Optimism has a better variety of wallets with ERC-20 balances: over 789,000 crypto fanatics use it for transfers of Ethereum-based tokens.

Analysts additionally observed that Arbitrum stays a beloved community of whales (wallets with over $100,000 in equal). A complete of three,968 massive wallets on Arbitrum are accountable for its 25% funds.

Additionally, Arbitrum demonstrated essentially the most spectacular development in whole worth locked (TVL), an important DeFi metric. Whereas Polygon (MATIC) and Optimism (OP) are lagging, issues can change with the Bedrock improve activation on Optimism.