As of July 2024, ZKSync has released the ZKSync 3.0 protocol, Polygon has upgraded MATIC to POL, and the total locked value on Layer 2 has exceeded 40 billion USD, with the top five networks occupying 80% of the market share.
Author: Lucent
Translated by: Blockchain in Plain Language
On July 2nd, ZKSync launched the Elastic Chain - ZKSync 3.0 protocol upgrade. This upgrade allows for the creation of an interoperable ZK chain network built by ZK Stack - more like ZK versions of Optimism's Superchain and Arbitrum's Orbit. According to BSCN, Lens Protocol plans to officially launch its mainnet on ZKSync in the last quarter of 2024.
On September 4th, the long-awaited upgrade from MATIC to POL will be launched on the Polygon PoS network. POL will replace MATIC as the native gas and staking token on the PoS network. DeFi protocols and dApps on Polygon PoS, Ethereum, and zkEVM will update their infrastructure to support POLToken. Users staking and delegating MATIC on Ethereum, which they use to secure the Polygon PoS network, will automatically convert to POL.
In this issue's editorial, we delve into the Layer 2 space of Ethereum and observe the giants in this field.
Since Arbitrum and Optimism first entered the Rollup race in 2021, dozens of other networks have emerged, using different methods to scale Ethereum. According to L2BEAT's data, there are currently 63 active Layer 2 networks, with another 80 in development. The total locked value (TVL) of these networks is approximately 44 billion USD. The top five networks occupy the vast majority of this TVL, accounting for over 80% of the total value. It can be said that they are the whales of Ethereum L2.
In this article, we will briefly introduce these top Layer 2 networks, highlighting their characteristics and supported projects. Let's get started.
1. Top five Ethereum Layer 2 networks by TVL
1) 5th place: Mantle
Ranked 5th is Mantle, with a TVL of 1.37 billion USD at the time of writing. Mantle was launched in July 2023, aiming to drive the widespread adoption of decentralized and token governance technology. In the past month, the network has recorded 797,000 active addresses and 13.59 million transactions. Mantle takes an interconnected approach, separating transaction execution, consensus, settlement, and data availability into different layers.
An important feature of the Mantle ecosystem is its strong financial support and incentive programs. One of them is a 200 million USD ecosystem fund catalyzed by a 100 million USDC fund provided by BitDAO, used to invest in native applications and technology partners built on the Mantle network. They also provide a total of 300 million USD worth of USDx, ETH, BTC, and MNT to promote ecosystem growth and partnerships by providing liquidity support for applications. This liquidity support helps attract and retain projects built on Mantle.
To commemorate its first anniversary, Mantle is conducting a commemorative NFT minting event, which is still ongoing.
2) 4th place: Blast
Blast L2 is an Optimistic Rollup that provides native yield farming for Ether (ETH) and stablecoins. This means users can earn yield directly by holding ETH and stablecoins on the Blast L2 network, without the need for additional staking or yield farming protocols. The network's TVL is 2.65 billion USD, with over 860,000 active addresses and 20.89 million transactions in the past month.
By sharing gas revenue with dApp developers, Blast gives developers the flexibility to choose whether to retain gas revenue or use it to subsidize users' gas fees. The token snapshot and distribution on Blast took place on June 26, 2024, and users need to claim the airdrop within 30 days.
In addition to significant airdrops, users on Blast can now bridge between Blast and the Ethereum mainnet within seven days, which is twice as fast as the previous 14 days. Projects like Orbit Protocol provide lending and delegation services.
3) 3rd place: Optimism
Optimism's mainnet went live in December 2021. It is now the third-largest Layer 2 solution in the Ethereum ecosystem, with a total locked value (TVL) of 6.77 billion USD. The number of active addresses in the past month is 1.79 million, with 14.21 million transactions. The Optimism Foundation is not only building a Rollup but also establishing an interconnected L2 network ecosystem they call the Superchain.
Some of the top projects running on Optimism include Aave V3, Synthetix, and Velodrome.
4) 2nd place: Base
Launched by Coinbase in 2023, Base has experienced significant growth in a short period. The network has surpassed its competitors to become the second-largest Rollup, with a current TVL of 7.27 billion USD. In the past month, the network has seen 9.55 million active addresses and 94.12 million transactions.
Base aims to be a highly secure and decentralized Layer 2 solution, leveraging Optimism's OP Stack, including advanced features such as fraud proofs and state commitments, to ensure strong security. The network is also a key stakeholder in the Optimism Superchain plan. Some top projects, such as Aave, Synthetix, Immutable X, and Uniswap, are running on Base.
5) 1st place: Arbitrum
Arbitrum is a giant in the Ethereum Rollup space. The network holds the top position, occupying approximately 40% of the entire Layer 2 market share. In the past 30 days, there have been 7.15 million active addresses interacting with the network, with a transaction volume of 62.13 million.
Similar to Optimism, Arbitrum is also building a permissionless chain ecosystem they call Arbitrum Orbit. Many well-known DeFi platforms use Arbitrum One, such as Uniswap, Aave, Ankr, and OpenSea.
In addition to Arbitrum One, Arbitrum launched Arbitrum Nova in August 2022. Nova is a new chain built using AnyTrust technology, aimed at further scaling the Ethereum blockchain. Arbitrum Nova further reduces costs and is one of the most cost-effective blockchains currently available. The chain focuses on high-throughput dApps, making it ideal for gaming applications, NFTs, tools, nodes, and bridging.
2. Related Data
The total locked value on Layer 2 has exceeded 40 billion USD!
Top Ten Projects Ranked by Total Locked Value (TVL):
3. Project Details
1) Arbitrum
Top projects ranked by total locked value (TVL) in the last seven days:
2) Optimism
Top projects ranked by total locked value (TVL) in the last seven days:
3) ZKSync
Top projects ranked by total locked value (TVL) in the last seven days:
4) ZKEVM
Top projects ranked by total locked value (TVL) in the last seven days:
Original article link: https://www.hellobtc.com/kp/du/07/5309.html
Source: https://banklessdao.substack.com/p/ethereums-layer-2-whales-layer-2?utm_source=%2Finbox&utm_medium=reader2
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