Ethereum Layer 2 networks have gone through a phase of explosive growth in recent months, a trend that will continue into 2023.
According to recent data, the main layer 2 networks have experienced an increase in daily active users that has translated into a growth in fees for the respective ecosystems.
According to analytics provider Token Terminal, Polygon leads the pack with 313,457 daily active users as of January 17, a metric that skyrocketed to more than 600,000 daily active users in early January.
This is a 30% increase in activity since the beginning of October, which translates to almost $55,000 in daily commissions for Polygon.
Optimism has seen even faster growth: it has seen a 190% increase in daily active users in the last three months. This has translated into daily network fees of USD 119,475, which is an increase of almost 140% since the beginning of the year.
Arbitrum One currently has 41,694 daily active users, which is an increase of around 40% in the last three months. Daily commissions on the network are slightly above USD 40,000according to data.
⛓️⛓️ State of Ethereum L2s ⛓️⛓️
Daily fees / DAUs:@arbitrum: $40.2k / 41.7k@optimismFND: $119.5k / 72.9k@StarkNetEco: $3.0k / 2.7k@0xPolygon: $54.5k / 313.5k pic.twitter.com/eAh1l6YVoS
—Terminal Token (@tokenterminal) January 18, 2023
⛓️⛓️ Ethereum Layer 2 State ⛓️⛓️
Daily quotas / daily active users: @arbitrum: USD 40,200 / 41,700 @optimismFND: USD 119,500 / 72,900 @StarkNetEco: USD 3,000 / 2,700 @0xPolygon: USD 54,500 / 313,500
For its part, the analysis platform of the L2 ecosystem, L2beat, claims that Arbitrum has a 52% market share in terms of Total Value Locked (TVL), which currently stands at $2.55 billion. Aribtrum has experienced a 9% increase in TVL over the past week.
Optimism, the second largest L2 network, has a TVL of USD 1.46 billion, giving it a market share of 30%. Your escrow has increased by 15% in the last seven days.
Together they account for more than 80% of all collateral locked on Layer 2 platforms.
In the last week there has been an increase of almost 10% in the TVL of all L2s, bringing the total TVL to USD 4.890 million. However, this figure is still a 34% drop from the peak reached in April.
However, this decline is less than half the retracement that DeFi TVL has experienced since its all-time high. DeFi collateral is down 75% since December 2021, according to DeFiLlama, suggesting that there is more demand and momentum for Layer 2 networks right now.
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