- Layer 2 activity began to surge materially over the last few months.
- OP’s price showed promise. However, network growth started to decline.
The L2 sector has shown tremendous growth over the past few years. Over time, Layer 2 activity on Ethereum grew significantly, becoming more than three times the mainnet activity. What was once a small fraction of Ethereum transactions has now gone parabolic, indicating a substantial increase in Layer 2 transactions on the network.
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The rise and fall of Optimism
Optimism[OP] was one of the first protocols to enter the space and attain a first-mover advantage. As time passed and the sector saw more growth, other competitors started to capture market share and left Optimism in the dust.
Arbitrum and Polygon have dominated the sector since the beginning of the year, showing improvements in both activity and transactions on the network. However, in the last few months, both activity and transactions on the Optimism network started to rise.
According to Artemis’ data, the number of active addresses on the Optimism network grew from 67,000 to 93,000 in the span of a few months. Even though Optimism failed to catch up with Polygon and Arbitrum at press time, things may take a turn for the better if the rising activity on Optimism continues.
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Author: Himalay Patel
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