Layer 2 Networks Gain Momentum as Ethereum Remains the Giant
In the ever-evolving landscape of blockchain networks, the competition for unique addresses has intensified. Coingecko’s latest analysis sheds light on the staggering growth of Layer 2 (L2) networks, yet Ethereum stands tall with a massive user base.
Arbitrum is the front-runner among Layer 2 networks, boasting an impressive 11.4 million unique addresses. Following closely behind is optimismFND with 8 million addresses.
What are the largest layer 2 networks by unique addresses?
Our study shows that @Arbitrum is the largest L2 network with 11.4M unique addresses. It is followed by @optimismFND with 8M addresses.
Read the full study: https://t.co/3V2USAUY8G pic.twitter.com/1IJo0gmUQW
— CoinGecko (@coingecko) September 1, 2023
While Layer 2 networks have experienced remarkable growth, Ethereum remains the undisputed leader. With over 241 million unique addresses as of August 20, 2023, Ethereum maintains a substantial lead, reaffirming its dominance in the blockchain ecosystem.
The Layer 2 race
As Layer 2 networks continue to gain traction and address scalability issues, the competition for unique addresses is expected to intensify further. Ethereum, meanwhile, sets the standard, but the race for innovation in Layer 2 solutions is far from over.
This comes days after Coingecko also revealed the high adoption rate on Base’s layer 2 network. After just 11 days of being live on the mainnet, Base had already gathered one million individual addresses. Research by CoinGecko shows that the network already had a lot of hype around it before its official launch date of August 9, 2023, having amassed 532,000 addresses via illegitimate bridges.
1/ It’s interesting to note that recently launched L2 blockchains have taken a shorter span of time to gain adoption.
Two of the earliest L2, @arbitrum and @optimismFND, took 303 and 191 days, respectively, to hit 1 million unique addresses.
— CoinGecko (@coingecko) August 29, 2023
Coingecko’s analysis reveals the impressive growth of Layer 2 networks, with Arbitrum emerging as a strong contender. Nevertheless, Ethereum’s monumental user base cements its position as the heavyweight champion in the blockchain arena. The future promises exciting developments as these networks strive for greater scalability and usability.