Ethereum Layer 2 (L2) blockchains are heating up within the crypto trade as they supply a really wanted service to buyers. These L2s make it so transaction on the Ethereum community may be very low cost in comparison with the Layer 1 blockchain.
There are already a variety of L2 blockchains that are actually competing for market share on the Ethereum blockchain. Out of those, the highest 3 are Polygon, Arbitrum, and Optimism, all of which have seen super assist out there. On this report, we check out these L2s to find out which is the perfect performer.
Wanting At Ethereum Layer 2 Blockchains
The highest 3 Ethereum Layer 2 blockchains are doing fairly nicely and their complete worth locked (TVL) has grown since their inception. Nonetheless, there was a large hole with regards to utilization, in addition to a distinction within the TVL on the blockchain.
Arbitrum, though the final to achieve widespread recognition, has surged forward of the remaining when it comes to TVL and utilization. The L2 presently boasts the fourth largest TVL in the entire of decentralized finance (DeFi) with over $2.2 billion locked thus far.
For comparability, Polygon is the second-best performing Layer 2 community nevertheless it solely has round $1.07 billion in TVL, over 50% decrease than that of Arbitrum. Moreover, Optimism is the bottom performer of the three however it’s not far behind Polygon with a TVL of $923 million.
In terms of utilization, Arbitrum remains to be means forward of the remaining with a 24-hour quantity of $583 million in comparison with $148 million for Polygon and $38 million for Optimism.
Arbitrum quantity outpaces all different L2 | Supply: DeFiLlama
Arbitrum, Optimism, And Polygon Token Efficiency
With Arbitrum’s airdrop final week, the highest 3 Ethereum Layer 2 blockchains all have tokens now, which implies their performances may be in comparison with each other. Some have executed higher than others, however the margin stays fairly slim.
OP value performs better of the highest 3 ETH L2 | Supply: OPUSD on TradingView.com
Presently, the value of Arbitrum (ARB) is sitting at $1.26, rising 10% within the final day, however it’s not the one one which has achieved this worry. Optimism (OP) has executed even higher, surging over 10.39% in the identical time interval to cross $2.28.
Polygon (MATIC) is the more severe performer of the bunch on this regard with 8% positive factors which have introduced its value to $1.14. Nonetheless, MATIC stays the biggest out of the three with a market cap of $10.35 billion in comparison with $1.6 billion for ARB and $716 million for OP.