Ethereum L2 Activity Rises: What’s In It for ARB and OP?
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- Activity on Ethereum L2s in 2023 was time 90x what it was during the 2021 bull market.
- If bulls defend the $1.29 support, ARB may rebound in the short term.
- OP can drop as low as $3.34 as selling pressure continues to increase.
According to IntoTheBlock, activity shifted from the Ethereum (ETH) Mainnet to its Layer-two (L2) protocols in 2023. The blockchain intelligence firm, in its post on X, noted that transactions increased on the L2s 90 times compared to what it was in 2021.
Ethereum L2s were developed as a way to solve the scalability issues users face on the main chain. Roughly, the Ethereum Mainnet processes 15 transactions per second. This process also comes with high gas fees.
However, the launch of optimistic rollups including Arbitrum (ARB) and Optimism (OP) meant that users could process transactions with increased speed and reduced costs. The adoption of these L2s has also impacted their respec…
The post Ethereum L2 Activity Rises: What’s In It for ARB and OP? appeared first on Coin Edition.
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