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Layer 2 Report | Q2 2024: Address Growth, Transactions, and Money Flow

I. Addresses 1. Total Unique Addresses by Chain Optimism leads the pack in Q2 2024 with 149.6 million unique addresses. Following behind are Base with 84.7 million and Arbitrum with 33.2 million addresses. 2. Daily New Unique Addresses Created by Chain Base, Optimism, and Arbitrum were the top three chains for the constant creation of new unique addresses throughout Q2 2024. Notably, Base experienced a spike on June 1, with 1 million new addresses created in just one day. Growth of New Unique Addresses in Q2 2024: - Highest growth rate: Blast (+175%) and Mantle (+160%) - Chain with the highest number of new addresses: Base (+16M) II. Transactions 1. Daily Transactions opBNB, Base, and Arbitrum led the way in daily transactions throughout Q2 2024, with the following daily averages: - opBNB: 4.7 million transactions - Base: 2.6 million transactions […]

Will Izuchukwu July 10, 2024

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Sonne Finance Suffers $20M Exploit Due To Vulnerability In Compound v2 Forks

Sonne Finance, a decentralized lending protocol on the Optimism network, has experienced a significant security breach, resulting in losses amounting to approximately $20 million. The project, in a post-mortem report, disclosed that the exploit stemmed from a vulnerability in Compound v2 forks. In response to the attack, Sonne Finance swiftly paused the markets to prevent further damages. Despite these efforts, the team has acknowledged that they are currently unable to recover the stolen funds. However, the investigation into the identity of the exploiter is ongoing. https://twitter.com/WuBlockchain/status/1790543695030448276?t=rQJ5GVPfgkC2tW7Fi76SZg&s=19 Sonne Finance has extended an olive branch to the attacker, offering a bounty in exchange for the return of the funds. The team has also pledged not to pursue any further action against the exploiter if the funds are returned. In their statement, Sonne expressed their deep regret over the incident and emphasized that […]

Will Izuchukwu May 16, 2024

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Optimism Leads The Pack In Layer 2 Crypto Development Activity

Recent data from Santiment feed sheds light on the top Layer 2 cryptocurrencies by development activity, providing valuable insights into the bustling ecosystem of blockchain projects. The list, compiled by analyzing non-redundant GitHub activity of each project and averaging their daily activity over the past 30 days, showcases Optimism as the frontrunner in this domain. Optimism, denoted by the ticker symbol $OP, emerges as the clear leader, boasting a remarkable 146% more activity per day compared to its closest competitor. This surge in development activity underscores Optimism's dedication to advancing blockchain technology and enhancing its platform's capabilities. Following Optimism, other notable projects in the list include Starknet ($STRK), Arbitrum ($ARB), Cartesi Project ($CTSI), Immutable ($IMX), Skale Network ($SKL), MintLayer ($ML), 0xPolygon ($MATIC), MetisDAO ($METIS), and 0xMantle ($MNT). Each of these projects contributes to the vibrant landscape of Layer 2 solutions, […]

Will Izuchukwu May 3, 2024

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ETH Layer 2 Transaction Surge Post Dencun Upgrade, Base Tops Solana

Since the Dencun upgrade, Ethereum layer 2 (L2) transactions have experienced a remarkable surge, marking a 196% increase to reach 5.67 million transactions settled on the top L2 platforms. https://twitter.com/intotheblock/status/1777628786470560245?t=XztHo7XQ4i7bmEJtJmkQMQ&s=19 Among these platforms, Base has emerged as a frontrunner, handling approximately 57% of these transactions. Arbitrum follows closely behind, accounting for 31% of the transactions, while Optimism captures 11%. Despite Base's dominance in transaction volume, Arbitrum maintains its position as the leading Ethereum L2 in terms of Total Value Locked (TVL), boasting an impressive $19 billion. Optimism secures the second spot with a TVL of $8 billion, while Base ranks third with a TVL exceeding $4 billion. https://twitter.com/niftyinvest/status/1777832796423426283?t=qQoDr_v0XnuNeWdmlBNBAg&s=19 Base Tops Solana As Regards Transaction Speed And Performance An interesting development is that Base now demonstrates superior speed compared to Solana, with zero failed transactions reported. This enhanced performance is attributed […]

Will Izuchukwu April 10, 2024

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