100 USDT
Ethereum Layer 2 scaling solutions have emerged as a way to address the limitations of the Ethereum blockchain, such as high transaction fees and slow transaction speeds. Three of the leading Layer 2 solutions are Base, Arbitrum, and Optimism.
In this article, we will compare these three solutions and discuss their strengths and weaknesses.
Average Daily Transactions
- Base has surpassed Arbitrum and Optimism in terms of average daily transactions.
- As of August 15, 2023, Base’s seven-day moving average daily transaction count was 610,000, compared to Optimism’s 597,000 and Arbitrum’s 576,000.
New Daily Unique Addresses
- Base initially led Arbitrum and Optimism in terms of new daily unique addresses.
- However, this metric has since fallen back.
- As of August 17, 2023, Base generated 24,000 new addresses, compared to 32,000 for Optimism and 29,000 for Arbitrum.
Revenue
- Base also initially led Arbitrum and Optimism in terms of revenue generated.
- However, this metric has also fallen back.
- As of August 17, 2023, Base generated daily revenue of $93,000, compared to Arbitrum’s $358,000 and Optimism’s $231,000.
Total Value Locked
- In terms of total value locked (TVL), Arbitrum and Optimism continue to dominate.
- As of August 17, 2023, Arbitrum had $4.2 billion in TVL, Optimism had $1.4 billion in TVL, and Base had $244 million in TVL.
Onchain Summer
- Base launched its “Onchain Summer” initiative alongside its public mainnet launch.
- This initiative features a series of onchain art, gaming, and music projects powered by Base.
- Coca-Cola’s “Masterpiece” NFT collection and projects like Friends With Benefits are participating in the event.
Conclusion
It remains to be seen if Base can maintain its initial traction over the coming months. However, its strong start suggests that it is a serious contender in the Layer 2 scaling solutions market.
Frequently Asked Questions
What is Layer 2?
Layer 2 solutions are built on top of existing blockchains, such as Ethereum. They provide a way to increase the scalability, speed, and cost-effectiveness of transactions on the underlying blockchain.
What is an Optimistic Rollup?
An Optimistic Rollup is a Layer 2 scaling solution that assumes all transactions are valid unless proven otherwise. This allows for faster and cheaper transactions than on the underlying blockchain.
What is Total Value Locked (TVL)?
Total Value Locked (TVL) refers to the total amount of cryptocurrency assets that are locked in a particular DeFi protocol or smart contract.
