Arbitrum has already been leading the pack in Layer 2 roundup. However, daily transactions on the protocol reached 1.14 million on February 21, surpassing the Ethereum mainnet, which recorded 1.05 million.
according to the chain data at Dune Analytics, this is a new record for the scaling solution.
Since the beginning of the year, daily transactions on the blockchain have been on an upward trend, increasing by more than 273% in less than two months. By comparison, the same metric on the Ethereum mainnet has been consistent in the 719,920-1.13 million range.
For the first time, Arbitrum One processed more transactions than Ethereum today.
We are witnessing history as Ethereum’s accumulation-focused roadmap becomes a reality.
Congratulations, arbinauts. You did this 💙🧡
—Steven Goldfeder (💙,🧡) (@sgoldfed) February 22, 2023
Rollups taking center stage
The Layer 2 landscape has undergone a tremendous change since last year, when Ethereum transaction fees skyrocketed as a result of increased user demand. In response, rollups have come to be seen as a compelling solution to the chain’s growing accessibility problem.
These are separate blockchains that compile a bunch of transactions and turn them into a single piece of data and send it to the Ethereum mainnet, which reduces the burden on the latter.
Arbitrum, for its part, has become a favorite of accumulations of late due to its low transaction fees. Additionally, unique addresses on the protocol increased remarkably, reaching an all-time high of 2.95 million. In the last two months alone, Arbitrum has added more than 110,000 addresses.
The growing dominance of Arbitrum
Arbitrum, Optimism, zkSync, and StarkNet are four popular Layer 2s that saw increased adoption in 2022. The first two, on the other hand, found themselves fighting for supremacy for most of the year. Both briefs have been favored due to the ease of transferability of the projects. Several prominent centralized crypto exchanges have also integrated Arbitrum and Optimism.
But the first has managed to finish off the space. In fact, the data from the TVL DeFiLlama aggregator revealed that Arbitrum’s TVL has increased by more than 82%, from $1.02 billion on January 1 to $1.86 billion at press time. This increase in TVL significantly affected the overall revenue generated by Layer 2 platforms, as data suggest that Arbitrum’s overall numbers increased by 83% in the last 30 days.
The projects that currently dominate in Arbitrum are: GMX, ZyberSwap, Uniswap V3, Sushi, SolidLizard.
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