L2 Blockchains Hit One Million Users Faster Than Ever, Coingecko Study Shows
A recent report from Coingecko highlights the rapid adoption of layer two (L2) blockchains, which run alongside existing blockchains like Ethereum to improve transaction speeds and reduce fees. The study reveals the following key points:
- Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch.
- Optimism, another L2 solution, hit the same milestone in just 191 days.
- Zksync reached one million addresses in 71 days after its mainnet launch.
- Base, an Ethereum L2 developed by Coinbase, gained over a million addresses in just 11 days, thanks to the popularity of new meme coins launching on the network.
- Base and Zksync attracted users quickly without having launched tokens yet, as users hope for airdrops of governance tokens as rewards for early adoption.
The study also notes that L2s like Arbitrum and Optimism have already distributed tokens through airdrops, while Polygon zk-EVM, with the MATIC token, has seen slower growth compared to Base and Zksync. Despite the rapid growth of L2s, Ethereum remains dominant with over 241 million unique addresses. However, new solutions like Base are rapidly gaining trust and providing meaningful scaling benefits to Ethereum.
Hot Take
The adoption of layer two blockchains is on the rise, with these solutions offering faster transactions and lower fees. The success of L2s like Base and Zksync in attracting users without launching tokens yet shows the demand for governance token airdrops. While Ethereum still holds the majority of unique addresses, new solutions like Base are gaining traction and providing valuable scaling solutions. As the crypto landscape continues to evolve, L2 blockchains will play a vital role in improving the usability and efficiency of blockchain networks.
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