Base Dominates Layer 2 (L2) Transactions, Accounting for 67.6% of Total Activity
- Patricia ArquetteOriginal
- 2024-10-17 22:08:15452browse
As of October 14, 2024, Base now dominates Layer 2 (L2) transactions, accounting for 67.6% of total activity. Arbitrum follows with 22.6%, and Optimism holds 9.7%
Layer 2 (L2) scaling solution Base now processes the majority of transactions on the Ethereum network, with a commanding lead over its competitors, according to data from IntoTheBlock. As of October 14, Base boasts a 67.6% share of total L2 transactions, compared to Arbitrum's 22.6% and Optimism's 9.7%.
This marks a significant shift in the L2 landscape compared to a year ago. In 2023, Arbitrum led the market with a 51.6% share, followed by Optimism at 18.2% and Base at 30%.
Among the three major L2 networks, Base has experienced the most striking growth. From processing around 3 million weekly transactions in late 2023, Base surged to handling over 41 million by October 2024.
This rapid expansion propelled Base into the top spot by transaction volume starting in March 2024, a position it has largely retained since, with only a few short-term exceptions.
notable observations from evaluating transaction shares of each L2: As of Oct 14, 2024, the most recent data point,
- #Base leads with 67.6% of transactions, followed by #Arbitrum at 22.6%, and #Optimism at 9.7%.
Source: @intotheblock perspectives pic.twitter.com/f6fdEbtIJQ
— ?ℤ?ℝ?'s SHELF (@lord_zyre) October 15, 2024
The most recent data from October 14 also reveals an unusual drop in transaction activity across all platforms, which is still being examined.
However, the long-term trend is clear: Base has experienced the most dramatic growth among the major L2 networks, significantly reshaping the competitive dynamics of the space.
The ongoing rise of Base highlights its growing importance in the L2 ecosystem, while Arbitrum and Optimism have seen their transaction shares decline. As the market evolves, further analysis will be needed to understand the factors driving these shifts, as well as the impact of emerging trends on the future of Layer 2 solutions.
This observation underscores the dynamic nature of the crypto market, with Base emerging as a key player in a rapidly changing environment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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