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HomeETHEthereum Layer-2 network Optimism growth is inorganic: Messari report

Ethereum Layer-2 network Optimism growth is inorganic: Messari report

On August 29, blockchain analytics firm Messari revealed via a tweet that Ethereum Layer-2 network Optimism growth is inorganic.

As per Messari, the rise in Optimism transacting address was fueled by the ecosystem incentives. The number of addresses that rises due to incentives has drastically fallen in recent weeks.

However, the rival of the I2 network, Arbitrum has maintained its user growth without offering any incentives for using its network.

The data was further validated by the Nansen analyst Sandra Leow which clearly showed that within the last 30 days Arbitrum beat Optimism in terms of unique addresses.

As per Leow, Optimism still has the largest overall number of transactions.

When the Layer2 network, Optimism, launched its native token OP on April 27, unique daily addresses on Optimism touched the high of 456,227.

Optimism’s unique daily addresses ranged from 1000 to 2000 in the last seven days.

In comparison to Optimism Arbitrum recorded the highest daily increase in the unique addresses with 55,993 addresses in late June.

In the last seven days, Arbitrum has averaged more than 2000 unique daily addresses in its ecosystem. Moreover, on August 27, 5276 new addresses joins Arbitrum network.

DeFiLlama data showed that Optimism’s total value of assets locked (TVL) stands at $915.7 million, while Arbitrum has a TVL of $948.66 million.

As per Messari data, OP rewards for Aave users helped double Optimism’s TVL to close the gap with Arbitrum.

Moreover, closely analysing the cost of transactions of both networks showed that doing a transaction on the Optimism network is cheaper compared to Arbitrum. As per L2beats, the Optimism network average transaction costs stand at $0.06 while Arbitrum average transaction cost is $0.11.

Moreover, in the last 30 days, the total revenue of Optimism has fallen 4.64% to $585,000. On the other hand, Arbitrum revenue dropped 4.84% to $681,000.

On August 31, Arbitrum will undergo its “Nitro” update. As per the available information, the Nitro upgrade will reduce the transaction fees and increase the throughput by improving cross-chain communication between Ethereum and the I2 network.

As per the team, the planned downtime of the network would last up to 4 hours, starting at 10:30 am Eastern time.

Community players expressed that in 2022, the Nitro upgrade will be one of the biggest crypto catalysts in the blockchain and crypto industry.

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