The top three Ethereum layer 2s – Arbitrum, OP Mainnet, and Base – have experienced an increase in activity, with weekly active users reaching a record high of 3.7 million in mid-April. Arbitrum and Base each saw about 1.5 million users over the last week.
Base Is the Biggest Winner
The biggest winner is Base, whose weekly active users have increased by 400% since the start of the year. Base is a Coinbase-backed layer 2 network that was developed using OP technology.
As we reported earlier, Base also accounts for about 50% of newly listed tokens on decentralized exchanges (DEXs).
Base has been the fastest-growing layer 2 network this year, beating Mantle, Blast, and Starknet to become the third-largest Ethereum scaling solution by TVL after Arbitrum and OP. Its TVL has surpassed the $5 billion mark, as per L2Beat data from April 12. This includes $1.57 billion of canonically bridged value (assets locked on Ethereum to be represented on Base) and $3.7 billion in natively minted assets.
The increase in activity on Base has been driven by the growing interest in meme coins. DEX Screener data shows that meme tokens dominate trading on Base DEXs.
Ethereum Layer 2s to Hit $1T by 2030, VanEck Says
Today, Ethereum layer 2s have a total valuation of about $28 billion, according to Coinmarketcap data. A recent report from VanEck suggests that the market cap will skyrocket to $1 trillion within the next six years.
VanEck’s valuation analysis considers several key factors, including transaction costs, developer and user experience, ecosystem size, and trust assumptions.
Layer 2s like Arbitrum, OP, and Base will continue to be relevant despite Ethereum’s transition to Proof of Stake (PoS), as they offer higher throughput and better transaction performance.
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