The whole worth locked in Ethereum Layer 2s is at new all-time highs following explosive progress from networks inside the Optimism ecosystem.
On Dec. 28, the worth of property bridged onto L2s posted a report whole worth locked (TVL) of $20.2B, in accordance with L2beat. The milestone was pushed by surging adoption of chains constructing on Optimism’s OP Stack chains, with Manta Pacific rocketing 173% in seven days to tag $363M, Metis Andromeda surging 146% at $632M, and OP Mainnet gaining 22% at $6.07B.
The spectacular efficiency of Optimism’s Stack ecosystem has pushed Arbitrum’s TVL dominance over the L2 sector beneath 50% for the primary time in additional than two years. The mixed community TVL of Layer 2s is up 83% in ten weeks.
The worth of Optimism’s OP token can also be rallying, with OP doubling over the previous 30 days together with a 35% acquire prior to now week, in accordance with CoinGecko. METIS is up a whopping 168% over the identical interval, whereas Mantle’s MNT token can also be up 11.4%.
Manta’s progress has been propelled by airdrop opportunists, with the challenge set to reward early customers with an airdrop subsequent month.
Superchain
Optimism launched the open-source OP Stack alongside its Bedrock improve in June, permitting anybody to permissionlessly construct their very own Layer 2 networks leveraging on high of the tech stack. Optimism plans to unify OP Stack-based chains right into a symbiotic ecosystem dubbed the “Superchain” sooner or later.
Six months later, chains leveraging the brand new OP Stack or older OVM codebase now account for 5 of the eight-largest L2 networks by TVL. The OP Mainnet, Base, Metis, Manta, and Mantle boast a mixed community TVL of almost $8B, that means the Optimism ecosystem instructions a 39.5% dominance over the mixed Layer 2 TVL.
Nevertheless, in October, Manta introduced plans to drop the OP Stack in favor of Polygon’s Chain Improvement Equipment (CDK) sooner or later.
On-chain exercise for Mantle has additionally skyrocketed, with the community at the moment topping the L2 leaderboard by throughput. Mantle processed 25.5 transactions per second (TPS) on common over the previous 24 hours — almost double that of the Ethereum mainnet — pushed by rampant exercise surrounding its just lately deployed inscriptions protocol.
L2 tokens soar
Buyers seem like hedging their bets throughout Ethereum’s Layer 2 ecosystem
MATIC, the Polygon community token, is up 21% in seven days, briefly surpassing a $10B market cap on Dec. 28. Arbitrum’s ARB token can also be up 26% for the week, whereas Loopring (LRC) rallied 17.4%.
The bullish momentum surrounding L2s follows spectacular rallies for various Layer 1s, led by Solana’s almost 900% year-to-date positive aspects, as buyers wager on which networks will emerge as hotbeds for on-chain exercise amid the following market cycle.
