The two layer-2 networks processed more than 1.1 million transactions combined on Jan. 10.
Ethereum Layer-2 (L2) chain performance has increased as the two main networks handle more transaction volume than the Ethereum network.
Arbitrum’s Layer 2 network optimistically has seen an increase in transactions over the past three months. Likewise, barring a few spikes, transactions on the Ethereum network are down about 33% since late October according to Etherscan.
This allowed the two L2s to combine to retrieve Ethereum for this metric, according to data from Dune Analytics. The chart shows that Ethereum made more than 1.06 million transactions on January 10, while Arbitrum and Optimism combined for more than 1.12 million transactions. In addition, optimism has overtaken Arbitrum in daily trading as the trend has continued since September.
Layer 2 ecosystem research website L2beat reported that L2’s total activity in transactions per minute (TPS) surpassed that of Ethereum in October and has remained on top since. On January 10, Ethereum averaged around 12 TPS compared to L2’s average of almost 16.5 TPS. Judgment and optimism cover nearly 80% of all Layer 2 environments according to L2beat.
Arbitrum One remains the market leader in total value locked (TVL) with $2.34 billion in contracts, giving it a market share of 52.5%. Hope, in second place, has a TVL of $1.28 billion with a market share of 28.6%.
According to Nansen analyst Martin Lee, the decentralized financial system (DeFi) is a key driver of optimism. The other two panels like zk-rollup StarkNet are also processing transactions more recently. StarkWare Technologies also powers other solutions, including ImmutableX and dYdX. In October, it was reported that StarkNet processes more transactions per week than Bitcoin BTC ($17,401) network.
Also, Starkscan reports that the network ranks highest in terms of TVL at $5.2 million.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up