As of October 14, 2024, Base now dominates Layer 2 (L2) transactions, accounting for 67.6% of total activity.
Arbitrum follows with 22.6%, and Optimism holds 9.7%, according to data from IntoTheBlock. This shift in transaction shares marks a significant change in the L2 landscape compared to a year ago.
Back in 2023, Arbitrum led the market with a 51.6% share, while Optimism held 18.2% and Base lagged behind at 30%. The most striking growth has come from Base, which surged from processing just 3 million weekly transactions in late 2023 to over 41 million by October 2024.
This rapid expansion propelled Base into the top spot by transaction volume starting in March 2024, a position it has largely retained since, with only a few short-term exceptions.
Evaluating transaction shares of each L2 unlocked sensitive observations:
As of October 14, 2024, the most recent data point, #Base leads with 67.6% of transactions, followed by #Arbitrum at 22.6%, and #Optimism at 9.7%.
Source: @intotheblock perspectives. pic.twitter.com/f6fdEbtIJQ— 🍞ℤ𝕐ℝ𝔼's SHELF (@lord_zyre) October 15, 2024
Base Experiences Unusual Drop In Transaction Activity
Despite Base’s strong performance, the most recent data from October 14 reveals an unusual drop in transaction activity across all platforms, which is still under investigation. However, the long-term trend remains clear: Base has experienced the most dramatic growth among the major L2 networks, significantly reshaping the competitive dynamics of the space.
The ongoing rise of Base highlights its growing importance in the L2 ecosystem, while Arbitrum and Optimism have seen their transaction shares decline. As the market evolves, further analysis will be needed to understand the factors driving these shifts, as well as the impact of emerging trends on the future of Layer 2 solutions.
This observation underscores the dynamic nature of the crypto market, with Base emerging as a key player in a rapidly changing environment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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