Ethereum Layer-2 Transactions Skyrocket 330% In 2023, ARB And OP Take The Lead

The Ethereum Layer 2 transactions skyrocketed by over 330% in 2023 compared to the last year. In recent months, Ethereum’s scaling solutions have experienced a notable uptick in interest, marked by the frequent introduction of new Layer 2s (L2s).

One of the latest players in this dynamic landscape is Coinbase’s Base L2, which gripped the attention of crypto enthusiasts. While Base had a significant share in these transactions, Arbitrum (ARB) and Optimism (OP) emerged as the largest contributors.

Ethereum L2 Transactions Overview

According to IntoTheBlock analytics, the Ethereum L2 ecosystem recorded a total of 583.53 million transactions in 2023. This suggests a staggering increase of 332.08% from 2022’s figure of 135.05 million. The largest contribution in the 2023 transactions was made by Arbitrum which accounted for a 64.01% share.

On the other hand, Optimism and Base held a share of 22.22% and 13.77% share, respectively. Furthermore, it’s worth noting that the 2023 Ethereum L2 transaction data indicates an unprecedented growth from 2021. Since the Ethereum Layer 2 ecosystem was fairly new in 2021, the number of transactions was recorded to be 6.24 million, which indicates a whopping increase of 9,251% since then.

Also Read: Ethereum Price: Analyst Predicts 22% Surge In Ethereum (ETH) Price Sparking Market Optimism

Furthermore, in a recent post on X, IntoTheBlock highlighted that the weekly transactions since 2021 have increased by 90 times. The weekly transactions hit a high of 18 million in 2023 while in 2021, it was less than a million.

Arbitrum And Optimism’s Recent Performance

Owing to the growing popularity of the Ethereum Layer 2 ecosystem, the ARB and OP prices have gained significantly lately. In the past seven days, the ARB price locked in profits of over 8% while OP surged by 13%. In addition, the ARB crypto soared by more than 43% in the past month whereas OP skyrocketed by 117%.

However, at the time of writing, both these digital assets saw a significant drop in value due to the ongoing bearish trend of the market. At press time, the ARB price was recorded at $1.45, plunging by 5.56%. The ARB market cap stood at $1.84 billion, down by 5.72%. Moreover, the 24-hour trade volume slumped by 23.54% to $617.02 million.

Whilst, the OP crypto price dipped by 2.41% to $3.65. The crypto’s market cap was recorded at $3.32 billion, marking a decline of 2.43%. However, the 24-hour trade volume registered a significant increase of 11.73% to 589.94 million.

Also Read: Optimism And Immutable Price Rally Continues With Monthly Gains Of Over 75%