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Optimism (OP), Polygon (MATIC) or Arbitrum: Which Ethereum L2 Is Dominant?

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Sat, 14/01/2023 - 15:43
Optimism (OP), Polygon (MATIC) or Arbitrum: Which Ethereum L2 Is Dominant?
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Cryptocurrency analyst DeFi Mochi compared the key indicators of Optimism (OP), Polygon Network (MATIC) and Arbitrum to find out who is actually using these second-layer solutions.

Polygon Network (MATIC) usage spiked in Q4, 2022, thanks to this catalyst

DeFi Mochi took to Twitter to share the analysis of network activity on Ethereum (ETH) second-layer solutions, including Polygon Network (MATIC), Optimism (OP) and Arbitrum. The researcher used on-chain data from Dune Analytics custom-made dashboards.

All L2 networks witnessed a massive inflow of users after the collapse of the FTX exchange in November as more traders decided to migrate to the decentralized futures trading platform GMX.

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While Polygon (MATIC) is still the leader when it comes to daily transactions, Optimism (OP) managed to quadruple its ERC-20 transfers market share in the last three months. It siphoned a part of Arbitrum's activity.

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Thanks to its NFT-centric partnership with Reddit, Polygon (MATIC) is the undisputed leader of ERC-721 transactions. Out of 13 million Polygon (MATIC) wallets with NFTs, 4 million took part in this collaboration.

Arbitrum is whale-dominated, while Optimism (OP) approaches Bedrock

Meanwhile, Optimism has a higher number of wallets with ERC-20 balances: over 789,000 crypto enthusiasts use it for transfers of Ethereum-based tokens.

Analysts also noticed that Arbitrum remains a beloved network of whales (wallets with over $100,000 in equivalent). A total of 3,968 large wallets on Arbitrum are in charge of its 25% funds.

Also, Arbitrum demonstrated the most impressive growth in total value locked (TVL), a crucial DeFi metric. While Polygon (MATIC) and Optimism (OP) are lagging, things can change with the Bedrock upgrade activation on Optimism.

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