The increased network activity of Layer 2s has generated a lot of noise in recent months. Towards the conclusion of Q1, Coin98 Analytics released a monthly analysis that summarized the current status of several leading L2s, such as Base, zkSync Era, Arbitrum, and Optimism.
The status of L2s in April
Based on the value of 138 million, the analysis from Coin98 Analytics showed that OP was the most valuable in terms of total addresses. Values of 71.9 million and 22.3 million for Base and ARB, respectively, were behind.
With more than 450k new addresses added every day, OP also reached an all-time high on a few days this month. The most new addresses were created in April, according to Optimism.
Though the performance of the previously mentioned L2s was praiseworthy, Blast's rapid expansion stole the show. According to Coin98, the number of addresses on Blast increased by an astounding 42% in April, compared to growth rates of 2%, 4%, and 12% for OP, Base, and ARB, respectively.
The research also examined the transactions made by L2s in April. First place went to opBNB, with almost 872 million transactions. With 472 million, 346 million, and 257 million transactions in total, respectively, ARB, zkSync, and OP trailed behind.
It's interesting to note that Blast also saw the fastest growth rate in terms of transactions, increasing by 112% on a monthly basis.
Additionally, there have been notable changes in the money flows among the top 4 Layer 2 protocols with the greatest TVLs, with ARB at the top. Base saw a 24% MoM increase in revenue, totaling more than $284 million. Conversely, Arbitrum saw a decrease in TVL of more than $371 million.
How appears May to be?
Given that April was a busy month for L2s. The daily active addresses for ARB, Base, and zkSync have begun to decline, according to our examination of Artemis' statistics.
As optimism's active addresses increased, so did its behavior. Base and OP had a little increase in daily transactions, while zkSync and Base saw a decrease.
When May started, Base had the most revenue in terms of captured value, followed by OP. This was another area where the falling trend held true, as seen by the declining graphs of Base and zkSync.
Nonetheless, in May, the revenue of OP and ARB increased.
These measurements suggest that while Base and zkSync are having some issues, OP and ARB may see encouraging growth in May.
May 2024, Cryptoniteuae