August 2024 has been a dynamic month for Layer 2 platforms, with notable shifts in total addresses, transactions, and total value locked (TVL).
Leading the charge in unique addresses are Optimism, Base, and Arbitrum, while Base and opBNB excel in transaction volume.
Unique Addresses and Growth
Optimism (162.5M), Base (113.3M), and Arbitrum (37.6M) lead in the number of total unique addresses. Base witnessed the highest growth, adding 15.8M new addresses, followed by Optimism at 6.7M. With an average of 500K new daily addresses, Base saw a 16% growth rate, surpassing its competitors.
Transaction Activity
opBNB, Base, and Arbitrum led in daily transactions throughout the month. opBNB averaged 8.4M daily transactions, followed by Base (3.9M) and Arbitrum (1.8M). opBNB also recorded the highest number of transactions overall, with 261M in August. Blast and Base recorded the highest growth in total transactions, with increases of 32% and 24%, respectively.
Layer2 Monthly Report – August 2024
Key Takeaways:
– Optimism, Base and Arbitrum leads by the highest number of total unique addresses
– Blast, Base and opBNB made the most transactions
– The TVL across all Layer 2 saw decreases compared to the beginning of August(1/22) pic.twitter.com/JfZlVZhrlm
— Coin98 Analytics (@Coin98Analytics) September 7, 2024
TVL and Money Flow
While Arbitrum, Base, and Blast secured the top spots for total TVL by the end of August, all Layer 2 platforms saw a decline in TVL compared to the beginning of the month. Arbitrum held the highest TVL at $2.6B, while Base followed with $1.5B. In terms of net flow, Arbitrum saw a positive inflow of $214M, whereas Optimism experienced an outflow of $181M.
Category Breakdown
Lending, DEX, and Derivatives were the dominant sectors for most Layer 2 platforms. Arbitrum’s TVL leaders include AAVE V3 for lending and Uniswap for DEX. Meanwhile, Optimism saw Velodrome lead the DEX category, and Base was driven by Aerodrome for DEX and AAVE V3 for lending.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/august-2024-layer-2-report-key-highlights-and-trends/