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Daily On-chain Activities on Arbitrum, Optimism Hit 7-Months High


coinedition.com 24 November 2022 19:48, UTC
Reading time: ~2 m

The smart contract development activities on some blockchain networks have recently increased compared to what was obtainable seven months ago. According to data from the crypto market tracker, Nansen, the blockchains of Fantom, Arbitrum, and Optimism now have more active addresses per day than they had in a week seven months ago.

The chart Nansen shared illustrated that the three mentioned blockchains now rank among the top ten by on-chain activity volume.

On-chain activity is thriving 🔥

Fantom, Arbitrum & Optimism now have more active addresses per day than they had in a week 7 months ago#BNBChain 1.27M#Polygon 834K#Fantom 457K#Ethereum 420K#Solana (Wallet accounts) 299K#Arbitrum 74K#Optimism 42K#Avalanche C-Chain 35K pic.twitter.com/gkJRZcTc5a

— Nansen 🧭 (@nansen_ai) November 23, 2022

Notably, on-chain activities may include using decentralized apps (dApps), making swaps, creating new wallets, DAO voting, sending and receiving assets, and more. The combined on-chain activities of Fantom, Arbitrum, and Optimism as of November 23, 2022, are far behind that of the BNB Chain, which witnessed daily active addresses of 1.2 million.

Importantly, Optimism and Arbitrum are two of the largest layer-two (L2) solutions that utilize Optimistic roll-up technology to scale the Ethereum network.

According to other data by Nansen, the gas fees consumed by the daily transactions on the Ethereum network have hovered around $2-3 Million since late July of 2022. In contrast, approximately $57 million went into gas fees daily in the previous year.

Since late July, gas spent on Ethereum has been hovering around $2-3 Million USD per day.

For context, exactly one year ago, ~$57 Million was spent on gas in a single day. pic.twitter.com/AvCXverCGU

— Nansen 🧭 (@nansen_ai) November 24, 2022

The DeFi search engine TheFiVerse hinted that the top consumers of ETH gas fees are NFT projects related to the Chinese. According to them, swaps from NFTs and the decentralized exchange Uniswap account for the most ETH yields to validators.

In related news, Ethereum trades at $1,196 with a barely 3% increase in the last 24 hours and an almost zero cumulative gain over the previous seven days.

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