The Ethereum (ETH) layer-2 is continuing to establish itself as a bright spot on the crypto landscape despite a prolonged bear market, according to analytics firm IntoTheBlock. According to a new post from IntoTheBlock, Optimism (OP), Arbitrum (ARB), and Base are among the hottest Ethereum layer-2s. Ethereum scaling solutions have gained popularity in recent months, with new projects appearing virtually every week, according to the company.
According to IntoTheBloc, Coinbase’s Base, which is built on top of the OP Stack, has been a highlight in the space, momentarily topping Optimism in daily transactions just weeks after debuting.
According to IntoTheBlock, the launch of the high-profile identity project WorldCoin (WLD), which is built on the network, has benefited Optimism. Base shares some of its fees with the protocol’s decentralized autonomous organization (DAO), which boosts optimism.
The company also claims that the number of transactions executed between the Ethereum mainnet and major layer-2s reached its second-highest value in history, trailing only the day Arbitrum distributed $1.7 billion in ARB tokens to customers.
According to IntoTheBlock, the layer-2 ecosystem has shown robust fundamentals throughout the weak market. According to the report, and despite market volatility, L2s for Ethereum have performed well. With the rapid adoption of the OP Stack, optimism has gained traction. The base has become one of the most rapidly expanding chains. And Arbitrum continues to dominate DeFi (decentralized finance), but with less attention than it did immediately following the airdrop. All of these L2s stand to benefit tremendously from the Dencun upgrade’s implementation, which will ultimately help propel Ethereum into widespread use.”