Ethereum Layer 2 transactions increased by over 330 percent in 2023 compared to last year. In recent months, Ethereum’s scaling solutions have experienced a surge of interest, marked by the frequent release of new Layer-2s. One of the latest players in this dynamic landscape is Coinbase’s Base L2, which has caught the attention of crypto enthusiasts. Base has an important share in these transactions. However, Arbitrum (ARB Coin) and Optimism (OP Coin) lead the way as major contributors.
Overview of Ethereum L2 transactions
According to analytics platform IntoTheBlock, the Ethereum L2 ecosystem recorded a total of 583.53 million transactions in 2023. This marks a staggering increase of 332.08 percent compared to 2022’s figure of 135.05 million. The largest contribution to transactions in 2023 was Arbitrum (ARB Coin), with a share of 64.01%.
On the other hand, Optimism and Base had a share of 22.22% and 13.77%, respectively. It is also worth noting that 2023 Ethereum L2 transaction data points to unprecedented growth compared to 2021. Since the Ethereum Layer-2 ecosystem is quite new in 2021, the number of transactions was recorded as 6.24 million. This represents a huge increase of 9,251% since then. Additionally, IntoTheBlock emphasized in a recent post that weekly transactions have increased 90 times since 2021. While weekly transactions reached 18 million in 2023, they were less than one million in 2021.
Latest performance of Arbitrum (ARB Coin) and Optimism (OP Coin)
The growing popularity of the Ethereum Layer 2 ecosystem has contributed to the boom of related altcoins. cryptokoin.comAs you can see now, ARB and OP have gained significantly in value recently. Over the last seven days, ARB Coin price has increased by over 11%. OP Coin, on the other hand, showed a better performance, increasing by approximately 21%. In addition, ARB crypto is up more than 47% in the past month, while OP has skyrocketed 127%.
At the time of writing, both of these tokens were on the rise as the market turned north again. At press time, ARB Coin price was up 2.12% to $1.49. ARB market capitalization also increased by 2.5% to $1.9 billion. However, 24-hour trading volume decreased by 30.24% to $513 million. OP Coin price increased by 4.94% to $ 3.78. The market value of crypto was recorded at $3.440 billion, an increase of 4.81%. Meanwhile, 24-hour trading volume increased by 6.91%, reaching $537 million.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!