As analyst Miles Deutscher explained, based on data from Dune Analytics, L2 scaling solutions will grow exponentially in 2022.
Blockchain analytics company Nansen has also published data showing the evolution of layer 2 solutions. Specifically, Nansen mentioned Abritrum.
According to their data, transactions on L2s increased significantly, while transactions on Ethereum decreased.
About Arbitrum, researcher Nansen wrote that the average number of daily active addresses was 50,000 to 70,000 in November and December. A few months ago, the average was 15,000 to 20,000 from July to September.
With the recent Nitro upgrade, the average gas price for a transaction on Arbitrum has once again plummeted. While the average fee was $0.35 before Nitro, it has since dropped to $0.08 (-75%).
On the other hand, while Arbitrum’s network usage has skyrocketed, there are no tokens yet. So far, there has been no official announcement about2 the Arbitrum token.
It is rumored that Arbitrum will launch the token no later than the first quarter of 2023. Ticker is said to be ARBI or ARB.
Leading Ethereum L2 Solution
As reported, Polygon (MATIC) currently holds the lead when it comes to successful Ethereum layer-2 tokens. The project is currently cooperating with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, Adobe, etc.
Sandeep Nailwal, co-founder of Polygon, has revealed the zkEVM mainnet is “coming soon”. With this implementation, Polygon will reach a major milestone.
When the zkEVM mainnet comes online, it is possible that decentralized applications on Polygon will explode. Zero-knowledge encryption will allow privacy and reduce data volumes to make transactions for smart contracts even more efficient.
BitDAO and Optimism
Another emerging L2 project is BitDAO, which is supported by the Bybit exchange. About a week ago, the project announced the soft launch of Mantle, a modular layer-2 solution on Ethereum with separate execution, finishing, and data availability layers.
The public test network is expected to go live in 2023. The network will serve as the core of BitDAO and use BIT as its token.
Optimism also has a token. This L2 scaling solution on Ethereum was first introduced in June 2019 and the public mainnet was launched in December 2021.
The OP token airdrop took place in June 2022, with nearly 249,000 registered Optimism users receiving the newly launched token. Notably, the mainnet of the project currently hosts the largest decentralized exchange, Uniswap V3.
At press time, the ETH price was above a critical support level on the 4-hour chart.
(Reference: NewsBTC)
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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