There has been a rise in layer-2 on-chain activity on the Ethereum network, which has led to the two largest networks processing more transactions than the mainnet Ethereum.
Layer-2 Networks Arbitrum and Optimism have seen an increase in trading activity during the past three months. Etherscan reports that the volume of Ethereum network transactions has dropped by around 33 percent since late October, but with some noticeable increases.
According to data reported by Dune Analytics, this means that the two L2s were able to do an Ethereum flip.
The chart shows that on January 10th, Ethereum completed over 1.06 million transactions, whereas Arbitrum and Optimism processed over 1.12 million.
Optimism has also surpassed Arbitrum in terms of daily transactions, following a steady increase in activity since September.
Statistical analysis of ecosystems at the second layer Since October, L2beat reports that all L2 activity has been higher in transactions per second (TPS) than Ethereum.
L2beat claims that Arbitrum and Optimism together constitute approximately 80% of the layer-2 ecosystem.
In terms of total value locked (TVL), where Arbitrum One ranks first with a 52.5% market share, it’s roughly $2.34 billion in collateral keeps it at the top.
Optimism comes in at number two with a TVL of $1.28 billion and a market share of 28.6%.
According to Nansen expert Martin Lee, decentralized financial (DeFi) protocols are a driving factor in the widespread adoption of the Optimism chain.
Extra second-layer moves, such as the zk-rollup StarkNet have also been handling more transactions recently. Items that benefit from StarkWare technology include ImmutableX and dYdX.
Referring to October report, StarkNet is capable of handling more transactions per week than the Bitcoin BTC tickers down $17,446 network.
Starkscan also reports that the network’s TVL is at an all-time high of $5.2 million.