Ethereum layer 2 network Optimism has caught investors’ attention with a steady upswing in terms of its Transactional activity, in the past weeks, data from etherscan depicted.
Not only that, it has even managed to flip its nearest competitor Arbitrium whose value has been reduced to half since its all-time high in Nov.
Nevertheless, the growth in the layer 2 network is positive news for investors, buyers of the tokens as well as the users of decentralized applications [dApps] built on that network,
The Optimism ecosystem is also becoming more and more appealing to cryptocurrency traders as a potential location to earn profits similar to the 100-times-plus multiples occasionally seen in previous bull-market cycles.
The Ethereum-based scaling product is one of a slew of blockchain networks that have launched in the last year, each promising to be faster and more affordable than the one before it. It allows traders to transact on the blockchain network for under a few cents in fees and transacting times of a few seconds..
According to on-chain data, in a single day last week, the ecosystem recorded more than 800,000 transactions, which was more than 10 times as many as in June of last year and nearly twice as much as network activity in November.
Earlier TronWeekly reported that the Ethereum layer-2 networks Arbitrum and Optimism have registered an increase in transaction volume in the span of just three months, exceeding even that of the mainnet Ethereum.
Ethereum L2s Surpass Ethereum In Transaction Volume
Data from Dune Analytics showed that Arbitrum and Optimism combined processed over 1.12 million transactions while Ethereum processed over 1.06 million transactions on Jan. 10.
On the other hand, since late October, transactions on the Ethereum network have reduced by roughly 33%, according to Etherscan.
With regards to the l2s, Optimism [OP] for one, has entered the year on an optimistic note as it enjoys a bull run. But, has suffered stagnancy in terms of total value locked [TVL].
In comparison to that, Arbitrum has reportedly outpaced the other top Layer 2 blockchains, such as Optimism and Polygon, when it comes to TVL. The former, however, is unaffected as it continues to increase in tempo and rule the L2 region.
Nonetheless, L2 transactions boost Ethereum’s appeal when they are included in the mix.