Layer-2 scaling solutions are on the rise as Ethereum gas fees have surged once again. Among these, Arbitrum One is currently the leading layer-2 solution in terms of total value locked (TVL) as data shows that it locks 60.81% of TVL across all L2 platforms.
According to L2 BEAT, Arbitrum is currently far ahead of its direct competitor Optimism’s Optimistic Ethereum layer-2 scaling solution. Arbitrum currently locks $2.25 billion in TVL as compared to $261 million on Optimism.
As a whole, layer-2 solutions are seeing increased activity as the recent crypto bull run has led to increased gas feed on Ethereum. This is evident by the recent updates from the popular Ethereum decentralized exchange (DEX) Uniswap that reports that daily volume across v3 deployments of the decentralized exchange on layer-two networks has pushed into record levels.
Hayden Adams, founder of Uniswap, on Monday, October 18, tweeted:
“Uniswap v3 on layer 2 (arb + OE) doing an all time-time high of $115m volume!!
L2 season is here”
According to the DeFi tracker Nomics, Uniswap V3 currently locks more than $80 million on Arbitrum while only $14 million on Optimism. It is not only Uniswap but many projects are reporting that TVL across their Arbitrum One deployment is increasing.
Optimistic Etheruem and Arbutrim are two well-known names in L2 space. Optimistic Ethereum (OE) is developed by Optimism and it is an EVM-compatible Optimistic Rollup chain. The project went live on mainnet in July 2021.
Arbitrum is also an Optimistic Rollup built to scale Ethereum developed by Offchain Labs that seeks to scale and lower the gas fees on Ethereum by carrying transactions off-chain. It is far ahead of Optimism despite it was launched a month later on August 31st, 2021.
Despite the backing of the Ethereum Foundation and crypto venture giant Andressen Horowitz, Arbitrum has emerged as the DeFi community’s second-layer rollups solution of choice.
According to L2 BEAT, Arbitrum is currently the unrivaled king of layer-2 solutions with the only platform to lock more than one billion. The TVL locked across all layer-2 platforms is more than $3.7 billion. Arbitrum currently locks $2.25 billion that represents a 60.81% market share. ZK Rollup-based exchange dYdX comes at number second that locks $838 million, representing a market share of 22.58%.
Optimism’s optimistic rollup-based Optimistic Ethereum (OE) is ranked at number three with $261 million in TVL on its platform.
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