Layer 2 (L2) is an independent blockchain that extends Ethereum. A layer 2 blockchain communicates regularly with Ethereum to ensure that it has similar guarantees of security and decentralisation. All this requires no changes to the layer 1 protocol (Ethereum) so layer 1 takes care of security, data availability and decentralisation, while layer 2 takes care of scaling 1.

So we can say that layer 2 removes the transactional load from layer 1 and returns the completed proofs to layer 1. By removing this transactional load from layer 1, the base layer becomes less congested and everything becomes more scalable and faster.

Two of the top Ethereum L2 blockchains are Optimism and Arbitrum, both have officially surpassed Ethereum in combined transaction volume.

Overview

Methods

The main idea of this dashboard is to show an overview of how these Ethereum L2 blockchain evolved since its inception.

These main metrics to be evaluated are:

1. Main Layer 2 activity

   1. Transactions
   2. Swaps
   3. NFTs

2. New user/activity Layer 2 activity

1. Main Layer 2 activity

a. Transactions

Comparing Optimism against Arbitrum in terms of transactions, it can be seen how even Optimism launch took place before Arbitrum launch, the amount of daily Arbitrum transactions rapidly surpassed the amount of Optimism transactions.

In fact, looking at the second image, it can be seen how the dominance of Optimism dropped to almost 20 at the end of October 22. However, since then, the dominance of Optimism started to increase again reaching more than 50% on January 23.

The average daily transactions is higher then for Arbitrum (+300k) than for Optimism (+150k).

Something similar occurs with the daily active users on each platform. Since the launch of Arbitrum, the amount of active users there has been higher than in Optimism. However, looking at the percentage share of each one, it seems that the situation are being reverted again and Optimism are gaining dominance above 50% again.

In this case, the average transaction per user over time looks so similar since few month ago at around 10 in each chain.

Looking at the fees paid on each chian, we can see how in this case, since the inception of Arbitrum, the fees in both cases looks similar in a daily basis. However, since November 22, Optimism fees are increasing more than the Arbitrum ones. In fact, looking at the distribution chart, it can be seen how since October 22, the percentage share of fees on Optimism has been increasing from 40% to more than 70%.

The daily average fees has decreased in both chains since the beginning. But, since September, the average transaction fee has been higher on Optimism being more than double.

b. Swap activity

Comparing Optimism against Arbitrum in terms of swaps, it can be seen how even Optimism launch took place before Arbitrum launch, the amount of daily Arbitrum swaps rapidly surpassed the amount of Optimism transactions.

In fact, looking at the second image, it can be seen how the dominance of Optimism dropped to almost 30 at the end of October 22. However, since then, the dominance of Optimism started to increase again reaching more than 50% on January 23.

Something similar occurs with the daily active swappers on each platform. Since the launch of Arbitrum, the amount of active swappers there has been higher than in Optimism. However, looking at the percentage share of each one, it seems that the situation are being reverted again and Optimism are gaining dominance above 50% again.

In this case, the average transaction per user over time looks so similar since few month ago at around 4 in each chain.

c. NFT activity

Regarding NFT activity, it can be seen how in this case, both chains present similar trends since the past year with some waves where one surpassed the other and on the other way around.

In fact, looking at the second image, it can be seen how the dominance of each platform has been moving up and down reaching a solid 50% on January 23.

Something similar occurs with the daily NFT buyers on each platform. Since the launch of Arbitrum, the amount of active NFT buyers there has been similar than in Optimism. However, looking at the percentage share of each one, it seems that the situation has been chaing like waves. But now, Optimism are gaining dominance above 50% again.

The average NFT boughts per user over time looks so similar since the start of Arbitrum, but it seems that the users are being more active on Arbitrum now generating a breach in comparison to Optimism (3 NFT per user vs 1.23 NFT per user).

2. New user/activity Layer 2 activity

a. Transactions

b. Swap activity

c. NFT activity

If we take a look at the new users buying NFTs, we can see how in the case of Optimism more users have been entering the network at some points rather than in Arbitrum. It seems that there are period where Optimism is reaching more NFT buyers than Arbitrum. Even at some point more users where buying for the first time on Arbitrum, in the major of the days more users bought NFTs for the first time on Optimism. Looking at the distribution chart, it can be seen how since the Arbitrum launch, the share of new NFT users have been changing and from August to November, Arbitrum dominated the marekt, but after that, Optimism started to gain powder and now is reaching 80% of share.

Overall, we can see how the total accumulated NFT buyers entering each platform had no crossline by now, now more than 650k NFT buyers joined Optimism while less than 350k joined Arbitrum.

• Even Optimism launch took place before Arbitrum launch, the amount of daily Arbitrum transactions rapidly surpassed the amount of Optimism transactions.

• The average daily transactions is higher then for Arbitrum (+300k) than for Optimism (+150k).

• Since the launch of Arbitrum, the amount of active users there has been higher than in Optimism. However, looking at the percentage share of each one, it seems that the situation are being reverted again and Optimism are gaining dominance above 50% again.

• The average transaction per user over time looks so similar since few month ago at around 10 in each chain.

• Since October 22, the percentage share of fees on Optimism has been increasing from 40% to more than 70%.

• The daily average fees has decreased in both chains since the beginning. But, since September, the average transaction fee has been higher on Optimism being more than double.

• Even Optimism launch took place before Arbitrum launch, the amount of daily Arbitrum swaps rapidly surpassed the amount of Optimism transactions.

• The dominance of Optimism dropped to almost 30 at the end of October 22. However, since then, the dominance of Optimism started to increase again reaching more than 50% on January 23.

• The average transaction per user over time looks so similar since few month ago at around 4 in each chain.

• Regarding NFT activity, it can be seen how in this case, both chains present similar trends since the past year with some waves where one surpassed the other and on the other way around.

• Looking at the second image, it can be seen how the dominance of each platform has been moving up and down reaching a solid 50% on January 23.

• Until now, we can see how the total accumulated users entering each platform had a crossline on June 22, and now more than 1.5M users joined Optimism while 2M Arbitrum.

• The total accumulated swappers entering each platform had a crossline on May 22, and now almost 650k swappers joined Optimism while more than 720k Arbitrum.

• Overall, we can see how the total accumulated NFT buyers entering each platform had no crossline by now, now more than 650k NFT buyers joined Optimism while less than 350k joined Arbitrum.

  
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If we take a look at the new swappers joining the L2 platforms, we can see how in the case of Arbitrum more users have been entering the network at some points rather than in Optimism. It seems that there are period where Arbitrum is reaching more swappers than Optimism. But now, Optimism are being able to capt the attention of more swappers since the end of 2022. Looking at the distribution chart, it can be seen how since the Arbitrum launch, its dominance was high in compairson to Optimism at around 80%. However, this situation is changing since August 22, and now, its dominance dropped to around 30%.

Until now, we can see how the total accumulated swappers entering each platform had a crossline on May 22, and now almost 650k swappers joined Optimism while more than 720k Arbitrum.

If we take a look at the new users joining the L2 platforms, we can see how in the case of Arbitrum more users have been entering the network rather than in Optimism. But it seems that the situation is being reverted. Since October 22, the dominance of Arbitrum has decreased from 80% to around 50%.

Until now, we can see how the total accumulated users entering each platform had a crossline on June 22, and now more than 1.5M users joined Optimism while 2M Arbitrum.

Key insights