May 2024 marked the launch of a new Layer 2 solution, Taiko, with an airdrop event scheduled for early June.
This report evaluates the performance of other Layer 2 platforms across various ecosystem metrics.
- Total Addresses by Chain
– Optimism continues to lead with 144 million total addresses.
– Base follows with 75.3 million addresses.
– Arbitrum holds third place with 28.7 million addresses.
- Daily New Addresses
– Throughout May, Optimism and Arbitrum alternated as leaders in daily new address counts.
– Notably, Base experienced significant growth, recording nearly 742,000 new addresses on May 31 alone.
– The highest growth rate in new addresses was observed in Blast, with a month-over-month increase of 39%.
– Total new addresses created in April were led by Arbitrum and Optimism with 6.4 million and 6.2 million new addresses, respectively.
- Daily Transactions
– The top three Layer 2s in daily transactions were opBNB, Arbitrum, and Base.
- Growth of Transactions
– Blast recorded the highest transaction growth rate at 71%.
- Total Transactions
– In May, opBNB logged nearly 157 million transactions, leading among Layer 2 solutions.
- TVL by Chain
– Most leading Layer 2s saw Total Value Locked (TVL) growth in May.
– Significant growth was noted in Arbitrum, Blast, and Base.
- TVL Growth
– Blast emerged as the Layer 2 with the highest TVL growth rate, now trailing only behind Arbitrum.
– In contrast, Manta experienced a sharp decline in TVL, dropping over 62% since early May.
Conclusion
The Layer 2 ecosystem is dynamic, with platforms like Optimism, Base, and Arbitrum demonstrating robust growth in addresses and transactions.
The debut of Taiko and the remarkable performance of Blast indicate a vibrant and competitive landscape. However, not all platforms are thriving, as evidenced by Manta’s significant TVL decline. As the sector evolves, these metrics provide critical insights into the health and trajectory of Layer 2 solutions.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.