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Ethereum Layer-2 Transactions Soar 330% in 2023, ARB and OP Take Lead

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Ethereum Layer 2 transactions soared by more than 330% in 2023 compared to last year. In recent months, Ethereum scaling solutions have seen a notable increase in interest, marked by the frequent introduction of the new Layer 2 (L2).

One of the latest players in this dynamic landscape is Coinbase’s Base L2, which has caught the attention of cryptocurrency enthusiasts. While Base had a significant participation in these transactions, Arbitrum (ARB) and Optimism (OP) emerged as the largest contributors.

Ethereum L2 Transactions Overview

According to IntoTheBlock analysis, the Ethereum L2 ecosystem recorded a total of 583.53 million transactions in 2023. This suggests a staggering 332.08% increase over 2022’s figure of 135.05 million. 2023 were held by Arbitrum, which represented a 64.01% stake.

Additionally, in a recent post on

The recent performance of Arbitrum and Optimism

Due to the growing popularity of the Ethereum Layer 2 ecosystem, ARB and OP prices have increased significantly recently. Over the past seven days, ARB price has seen gains of over 8%, while OP is up 13%. Furthermore, the ARB cryptocurrency has soared over 43% in the past month, while OP has soared 117%.

However, at the time of writing, both digital assets have seen a significant drop in value due to the current market downtrend. At press time, ARB price was recorded at $1.45, a drop of 5.56%. ARB’s market capitalization was US$1.84 billion, down 5.72%. Additionally, 24-hour trading volume fell 23.54% to $617.02 million.

Meanwhile, the price of the OP cryptocurrency fell 2.41% to $3.65. The market capitalization of cryptocurrencies was recorded at $3.32 billion, a drop of 2.43%. However, the 24-hour trading volume saw a significant increase of 11.73% to 589.94 million.

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