Significant Increase in Ethereum (ETH) Layer-2 Scaling Solution Addresses in 2021: IntoTheBlock Reveals

Ethereum Layer-2 Scaling Solution Sees 391% Address Growth in 2023

According to crypto analytics firm IntoTheBlock, one Ethereum (ETH) layer-2 scaling solution has experienced a significant increase in addresses since January. Optimism’s (OP) network now has over 5.9 million addresses with a balance, marking a 391% surge from the 1.2 million addresses it had at the beginning of the year.

In addition to the address growth, Optimism’s native token, OP, has seen a surge in value. Currently ranked 40th by market cap, OP is trading at $2.58 and has risen by almost 16% in the last 24 hours. Since the start of the year, OP has experienced an increase of nearly 180%.

Optimism Lags Behind Arbitrum in Daily Transactions

Despite the growth in addresses, Optimism still falls behind its competitor Arbitrum (ARB) when it comes to daily transactions. On Thursday, Optimism recorded approximately 444,000 transactions, while Arbitrum registered over 795,000 transactions according to their respective block explorers.

Coinbase’s Ethereum scaler Base also falls behind both projects with around 304,000 transactions on Thursday.

About Coinbase’s Base

Coinbase launched Base in August as its Ethereum scaler project. Powered by Optimism, Base aims to be compatible with Ethereum, Ethereum layer-2s, and alternative layer-1 blockchains. However, it does not currently have its own native token.

ARB, ranked 54th by market cap, is trading at $1.17 and has seen a 6% increase in the past 24 hours.

Hot Take: Ethereum Layer-2 Scaling Solutions Experience Rapid Growth

Ethereum layer-2 scaling solutions continue to gain momentum as Optimism witnesses a staggering 391% growth in addresses this year. With over 5.9 million addresses holding a balance, Optimism’s network is thriving. However, despite this growth, it still lags behind Arbitrum in terms of daily transactions. Nevertheless, the surge in adoption and value of Optimism’s native token OP demonstrates the increasing interest and demand for layer-2 solutions within the Ethereum ecosystem.