Optimism Dominates Ethereum Scaling Race
A recent report shed light on the dramatic rise of one of Ethereum's layer-2 scaling solutions since the beginning of the year.
The user base on Optimism’s network has skyrocketed, boasting over 5.9 million addresses holding funds. This astounding surge represents an impressive 391% increase from a mere 1.2 million addresses noted back in January.
What a year for @Optimism! The network currently counts over 5.9 million addresses with a balance, up 391% from 1.2 million in January!
🔗https://t.co/b6bBM1Qd6z pic.twitter.com/58gPngqEk3— IntoTheBlock (@intotheblock) December 21, 2023
Simultaneously, Optimism’s native token, OP, has shown remarkable growth, currently valued at $2.58. This cryptocurrency, ranked 40th by market cap, has surged nearly 16% in the past 24 hours and has soared by almost 180% since the start of the year.
However, despite this surge in user addresses, Optimism trails behind its competitor, Arbitrum, in daily transaction volumes.
In a recent comparison, Optimism recorded approximately 444,000 transactions on Thursday, falling short of Arbitrum’s 795,000 transactions as per data from their respective block explorers.
Interestingly, both platforms outpace Coinbase’s latest Ethereum scaling solution, Base, which managed around 304,000 transactions on the same day.
READ MORE: Bitcoin: The Two Catalysts That Could Spark The Next Bull Run
Base, a project launched by Coinbase in August, operates on Optimism’s infrastructure without its native token. Its design allows compatibility with Ethereum, Ethereum layer-2 solutions, and various layer-1 blockchains.
As of the latest update, Arbitrum’s native token, ARB, is trading at $1.17, marking a nearly 6% surge in the last 24 hours for this cryptocurrency, ranked 54th by market cap.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
