Layer 2 Networks Thrive In July 2024: Base And opBNB Lead The Pack

July 2024 saw significant developments in the Layer 2 ecosystem, with Base and opBNB emerging as key players.

Base recorded the highest number of new addresses, adding 12.7 million, while opBNB led in total transactions, surpassing 209 million.

Address Growth and Activity

Optimism maintained its lead with 155.8 million unique addresses, followed by Base with 97.5 million and Arbitrum with 35.7 million. Base and Mantle both saw a 14% growth in new addresses, with Base adding 12.7 million in July alone. Optimism also experienced a surge in new addresses, peaking at 600,000 on July 30.

Transaction Volume and Growth

Daily transaction volumes were dominated by opBNB, Base, Arbitrum, and Linea. opBNB averaged 6.7 million daily transactions, with Base at 3.6 million. Notably, Base and Blast saw a 27% increase in total transactions, while Linea and Scroll grew by 20% and 19%, respectively. Overall, opBNB led with over 209 million transactions, nearly half of its total for Q2 2024.

Money Flow and TVL

Arbitrum ended July as the top Layer 2 chain by Total Value Locked (TVL) with $3.18 billion, followed by Base with $1.71 billion. Scroll and Mantle were the standout performers in TVL growth, with increases of 1.8x and 1.6x, respectively. However, Optimism experienced a net outflow of $234 million, contrasting with zkSync’s positive inflow of $65 million.

Sector-Specific TVL Contributions

In Arbitrum, lending, DEX, and derivatives led TVL contributions, with AAVE V3 and Uniswap V3 at the forefront. Optimism’s top sectors were DEX, lending, and synthetic assets, while Base focused on DEX and lending, with Aerodrome and AAVE V3 leading. Blast’s TVL was driven by lending, DEX, and derivatives, with Juice Finance and Thruster as key protocols.

As Layer 2 networks continue to grow, July 2024 highlights Base and opBNB’s dominance in both address creation and transaction volume, solidifying their positions as major players in the DeFi landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

Will Izuchukwu: