On January 10, the two layer-2 networks combined processed more than 1.1 million transactions.
On-chain Ethereum Layer-2 (L2) activity has increased to the point where the top two networks now process more transaction volume than the Ethereum network.
Transactions on Layer-2 networks Arbitrum and Optimism have increased in the last three months. According to Etherscan, transactions on the Ethereum network have decreased by around 33% since late October, with a few exceptions.
According to Dune Analytics data, this has enabled the two L2s to flip Ethereum for this metric.
On January 10, Ethereum processed over 1.06 million transactions, while Arbitrum and Optimism combined processed over 1.12 million.
Furthermore, following a steady uptrend in activity since September, Optimism has now surpassed Arbitrum in terms of daily transactions.
According to the Layer-2 ecosystem analytics website L2beat, all L2 activity in terms of transactions per second (TPS) surpassed Ethereum in October and has remained above it ever since.
On January 10, Ethereum processed around 12 TPS on average, compared to the L2’s average of nearly 16.5 TPS.
According to L2beat, Arbitrum and Optimism together account for nearly 80% of the entire layer-2 ecosystem.
Arbitrum One continues to be the market leader in terms of total value locked (TVL), with approximately $2.34 billion in collateral and a 52.5% market share.
Optimism, in second place, has a TVL of $1.28 billion and a market share of 28.6%.
According to Nansen researcher Martin Lee, one of the key drivers of the Optimism chain’s adoption is decentralized finance (DeFi) protocols.
Other layer twos, such as zk-rollup StarkNet, have recently processed more transactions. Other solutions powered by StarkWare technology include ImmutableX and dYdX.
StarkNet was reported to process more transactions per week than the Bitcoin network in October.
Furthermore, Starkscan reports that the network’s TVL is at an all-time high of $5.2 million.