​Data Suggests Ethereum L2 Token Could Experience Major Rally
12-09-2022 17:26


While the Ethereum network and its users continue to suffer from the high fees of layer 1 blockchains, various layer 2 (L2) solutions are coming into focus to address the issue.


As explained by analyst Miles Deutscher, citing data from Dune Analytics, layer 2 scaling solutions will see a huge uptick in 2022. "I expect this trend to continue in 2023 and beyond," Deutscher commented.


Ethereum gas used to settle L2 transactions


Blockchain analytics firm Nansen also released data today showing the growth of layer 2 solutions. Specifically, Nansen mentions Abritrum.


"Arbitration season is in full swing," writes a Nansen researcher. According to their data, transactions on L2 are increasing significantly while transactions on Ethereum are decreasing. Clear differences can be seen.


Ethereum L1 and Arbitrum


Regarding Arbitrum, the Nansen researcher writes that the number of daily active addresses averaged between 15,000 and 20,000 for the months 50,000 and 70,000. A few months ago, from September to September, the average was 10 to 10.


With the recent Nitro upgrade, Arbitrum has again drastically reduced the average gas price for transactions. While the average fee was $0.35 before Nitro, it has since dropped to $0.08. This represents a reduction of almost 75%.


However, while Arbitrum's network usage is skyrocketing, there are currently no tokens. So far, there has been no official announcement regarding the Arbitrum token.


Rumor has it that Arbitrum will launch its token by the first quarter of 2023 at the latest. The code should be ARBI or ARB.


The leading Ethereum L2 solution


As NewsBTC reported yesterday, Polygon (MATIC) is currently leading the way in terms of successful Ethereum L2 tokens. The program has secured partnerships with major brands including Starbucks, Mercedes, Meta, Reddit, eBay, Disney and Adobe.


Polygon co-founder Sandeep Nailwal revealed yesterday that the zkEVM mainnet is “coming soon”. With the implementation, Polygon will reach a huge milestone.


Once the zkEVM mainnet is launched, dApps on Polygon may experience explosive growth. Zero-knowledge cryptography will enable privacy and minimize data volume, making smart contract transactions more efficient.


Optimism at BitDAO


Another emerging L2 project is BitDAO, which is backed by the exchange Bybit. About a week ago, the project announced the soft launch of Mantle, a modular Ethereum layer 2 solution with separate layers for execution, finality, and data availability.


The public test network is planned to be launched in 2023. As the core of BitDAO, BIT is used as the token.


Optimism also has a sign. The L2 Ethereum scaling solution was first launched in September 2019 and the public mainnet launched in September 2021.


The OP Token Airdrop was held in March 2022 and nearly 3 registered Optimism users received the newly launched tokens. Notably, the project’s mainnet currently hosts Uniswap VXNUMX, the largest decentralized exchange.

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