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The Ethereum Layer 2 transactions skyrocketed by over 330% in 2023 in comparison with the final yr. In current months, Ethereum’s scaling options have skilled a notable uptick in curiosity, marked by the frequent introduction of latest Layer 2s (L2s).

One of the newest gamers on this dynamic panorama is Coinbase’s Base L2, which gripped the eye of crypto fanatics. While Base had a major share in these transactions, Arbitrum (ARB) and Optimism (OP) emerged as the biggest contributors.

Ethereum L2 Transactions Overview

According to IntoTheBlock analytics, the Ethereum L2 ecosystem recorded a complete of 583.53 million transactions in 2023. This suggests a staggering enhance of 332.08% from 2022’s determine of 135.05 million. The largest contribution within the 2023 transactions was made by Arbitrum which accounted for a 64.01% share.

On the opposite hand, Optimism and Base held a share of twenty-two.22% and 13.77% share, respectively. Furthermore, it’s value noting that the 2023 Ethereum L2 transaction knowledge signifies an unprecedented development from 2021. Since the Ethereum Layer 2 ecosystem was pretty new in 2021, the variety of transactions was recorded to be 6.24 million, which signifies a whopping enhance of 9,251% since then.

Also Read: Ethereum Price: Analyst Predicts 22% Surge In Ethereum (ETH) Price Sparking Market Optimism

Furthermore, in a current put up on X, IntoTheBlock highlighted that the weekly transactions since 2021 have elevated by 90 instances. The weekly transactions hit a excessive of 18 million in 2023 whereas in 2021, it was lower than one million.

Arbitrum And Optimism’s Recent Performance

Owing to the rising recognition of the Ethereum Layer 2 ecosystem, the ARB and OP costs have gained considerably recently. In the previous seven days, the ARB price locked in income of over 8% whereas OP surged by 13%. In addition, the ARB crypto soared by greater than 43% previously month whereas OP skyrocketed by 117%.

However, on the time of writing, each these digital belongings noticed a major drop in worth because of the ongoing bearish pattern of the market. At press time, the ARB value was recorded at $1.45, plunging by 5.56%. The ARB market cap stood at $1.84 billion, down by 5.72%. Moreover, the 24-hour commerce quantity slumped by 23.54% to $617.02 million.

Whilst, the OP crypto value dipped by 2.41% to $3.65. The crypto’s market cap was recorded at $3.32 billion, marking a decline of two.43%. However, the 24-hour commerce quantity registered a major enhance of 11.73% to 589.94 million.

Also Read: Optimism And Immutable Price Rally Continues With Monthly Gains Of Over 75%

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