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Arbitrum has already been leading the pack in the layer 2 roll-up. However, the daily transactions on the protocol hit 1.14 million on February 21st, surpassing Ethereum mainnet, which recorded 1.05 million.
According to the on-chain data on Dune Analytics, this is a new record high for the scaling solution.
Since the beginning of the year, daily transactions on the blockchain have been on an uptrend surging by over 273% in less than two months. In comparison, the same metric on the Ethereum mainnet has been consistent along the range of 719,920-1.13 million.
For the first time ever, Arbitrum One processed more transactions than Ethereum today.
We’re witnessing history as Ethereum’s rollup-centric roadmap becomes a reality.
Congrats, Arbinauts. You did this 💙🧡
— Steven Goldfeder (💙,🧡) (@sgoldfed) February 22, 2023
Rollups Taking the Center Stage
The layer 2 landscape has undergone tremendous change since last year when Ethereum transaction fees skyrocketed as a result of increased user demand. In response, rollups have come to be viewed as a compelling solution to the chain’s growing accessibility problem.
These are separate blockchains that compile a bunch of transactions and turn them into one single data and submit it to the Ethereum mainnet, thereby reducing the burden on the latter.
Arbitrum, for one, has become a rollup darling in recent times due to its low transaction fees. Moreover, the unique addresses on the protocol surged notably, reaching an all-time high of 2.95 million. In the past two months alone, Arbitrum has added over 110K addresses.
Arbitrum’s Growing Dominance
Arbitrum, Optimism, zkSync, and StarkNet are four popular layer 2s that witnessed increased adoption in 2022. The first two, on the other hand, were seen battling for supremacy for the most part of the year. Both the rollups have been favored due to ease for projects to port over. Several prominent centralized crypto exchanges have also integrated Arbitrum and Optimism.
But the former has managed to top the space. In fact, data from TVL aggregator DeFiLlama further revealed that Arbitrum’s TVL has increased by more than 82% from $1.02 billion on January 1st to $1.86 billion in press time. This surge in TVL significantly impacted the overall revenue generated by the layer 2 platforms, as data suggest that the overall Arbitrum numbers increased by 83% over the last 30 days.
The projects that are currently dominating on Arbitrum are – GMX, ZyberSwap, Uniswap V3, Sushi, SolidLizard.