Exercise on rollups and different L2 networks reached new all-time highs. The site visitors on L2 is greater than 4.5 occasions larger than Ethereum transactions, signaling a everlasting shift to scalable chains.
L2 chains, led by Base, Arbitrum, and Optimism, invite greater than 4.5 occasions the site visitors of Ethereum (ETH). On the principle L1 chain, transactions stabilized round 1.16M, shifting towards high-value stablecoin transfers, ETH actions, and fewer swaps or NFT actions.
L2 exercise progress was principally as a result of impact of Base, however different high chains supplied a strong baseline of transactions. | Supply: GrowThePie
Extra of the complicated transactions shifted to L2, the place every chain holds a selected profile. DeFi exercise and liquidity from stablecoins has gathered to Arbitrum and a handful of high chains, drawing in customers for simpler DEX swaps.
Consequently, L2 exercise has posted new data for months. On a weekly foundation, L2 exercise handed the 10M customers milestone, with simply 1.96M for Ethereum on a weekly foundation.
Customers are lively within the Ethereum Ecosystem – Final weeks stats:
Over 10,000,000 Addresses interacted with 1 or extra Layer 2.
Over 1,960,000 Addresses interacted with Ethereum Layer 1. pic.twitter.com/eMXlz3Yyk2
— growthepie.xyz 🥧📏 (@growthepie_eth) January 6, 2025
Whereas Base stays the chief with high-speed transactions, a few of the site visitors stays tied to natural DEX buying and selling and DeFi lending on the opposite high L2 chains. Base additionally will get a lift from CbBTC site visitors, whereas additionally accumulating $3.49B in worth locked.
Stablecoins are additionally one of many drivers of L2 adoption. Within the first days of 2025, L2 held greater than $11B in bridged or native stablecoins, the place Arbitrum was the chief with $6.35B. Base was in second place, with $3.5B price of stablecoins.
The rising development displays the sturdy baseline from Arbitrum, however a lot of the enlargement nonetheless comes from Base. The chain is among the many high carriers of DeFi, by its model of Uniswap and the Aerodrome high-liquidity DEX. Arbitrum is shut behind based mostly on DeFi exercise, reaching $33.6M on a every day timeframe.
Most L2 chains slowed down considerably after the top of their airdrop mining exercise. Returning to natural site visitors has been a battle for a number of chains. Base continues to be not formally making ready for an airdrop, although there are nonetheless expectations for a local token sooner or later.
L2 chains develop based mostly on specialised actions
Linea, whereas carrying smaller site visitors, stays instrumental for L2 exercise in NFT swaps and decentralized social media. Optimism serves as an all-purpose utility chain, whereas ZKSync Period has the most important share of easy token transfers.
Arbitrum is the most important hub for cross-chain exercise, with greater than $15M each day. Total, L2 don’t talk between chains, however depend on bridging and flows to and from Ethereum.
Moreover, dozens of smaller networks purpose for specialised duties, akin to gaming or a selected DEX. Nonetheless, newer networks could lack liquidity, and older ones could also be unwilling to turn out to be interoperable.
Rising L2 site visitors results in charge and block area competitors
The rising site visitors additionally makes L2 dearer, with common spikes in hire paid to Ethereum. Whereas the hire is small in comparison with Ethereum’s block manufacturing incentives, there’s a shift from the earlier months of near-zero funds. To match, Base at one level paid not more than $3,000 for its exercise, whereas a latest spike led to $93,000 in every day hire paid to Ethereum.
The elevated on-chain exercise means chain operators could select the best way to put up to Ethereum. Knowledge reveals Arbitrum switches between blobs and calldata, relying on which one is cheaper in the meanwhile. Nonetheless, this L2 exercise really takes up block area on Ethereum, making common transactions dearer.
Ethereum transactions are nonetheless dearer at $1.10, with common worth spikes for specialised duties. Arbitrum retains $0.09 per transaction, although even L2 usually are not providing just about free transfers. Nonetheless, Arbitrum swaps can go as little as $0.27, whereas Ethereum DEX offers can value $21.38 with out particular precedence or further block-builder funds.
L2 chains retain actual financial exercise and the highest ones present sturdy demand. Nonetheless, the L2 narrative remained subdued. A complete of 127 high-profile chains had been launched, every competing for both area of interest or mass exercise.
