Layer-2 (L2) blockchains have registered a significant increase in unique addresses in the first half of 2024.
Key network adjustments, including transaction fee reduction, and changes to protocol governance are some of the key reasons behind the growing interest.
Optimism Shines in L2 Address Growth
Data analytics platform Coin98 Analytics highlights significant growth in the number of unique addresses among L2 blockchains. BNBChain, Polygon, and Ethereum blockchains continue to lead the pack with the most number of addresses, data shows.
Ethereum Layer-2 network Optimism stands out, recording the most new addresses, with over 58.4 million since January. This marks a 64% increase in the last six months. The seven-day net flow across the blockchain was over $56 million as of June 29.
Read More: What is Optimsim? All You Need to Know
L2 Total Unique Addresses, Source: Coin98 Analytics
The report coincides with the Optimism Governance Season 6 launch, announced by the network’s governing body, Optimism Collective. With this initiative, the Optimism community, developers included, will jointly enact improvements for the network based on the “Optimizing to Support the Superchain” theme.
Core tenets of Season 6 include decentralization goals, growing the Superchain with more networks, and fostering application developers on the Superchain. The platform’s commitment to enhancing user experience and promoting community engagement has been instrumental in attracting more network participants.
Other notable mentions on metrics of the number of unique addresses include Mantle, Scroll, and Linea, which recorded over 380%, 235%, and 212% increases, respectively.
BNB, Ethereum, Polygon Lead the Pack
While the governance adjustment did it for the Optimism blockchain, changes to network fees boded well for other ecosystems, including BNB Smart Chain. The BNB blockchain is leading the pack with a prolific 458.7 million new unique addresses as of June 30. This growth is achieved through the opBNB L2 solution, which enhances the network’s performance and scalability.
BNB adjusted its network fees through the successful BEP 336 Haber Hardfork activation, delivering a 90% transaction fee reduction. The upgrade introduced blob-carrying transactions, optimizing the network’s data storage and processing capabilities.
With significantly reduced data availability costs for L2 solutions on BNB Smart Chain, transactions become more affordable and accessible. It enhances the ecosystem’s overall efficiency, positioning BNB Chain among the most economical platforms for users and developers.
Read more: A Beginner’s Guide to Layer-2 Scaling Solutions
Like BNB Smart Chain, Ethereum’s reduced fees also come courtesy of blobs after implementing Upgrade EIP-4844 (Proto-Danksharding). The blobs transaction model frees up space within the mainnet while decreasing the fees on L2 networks.
Polygon’s position in the pack’s frontline comes as the network provides a multi-chain scaling solution. Its framework offers a haven where decentralized applications (DApps) and smart contracts can flourish, free from Ethereum’s typical constraints.
As key adjustments promote growing interest in Layer-2 blockchains, they reflect the impact of improved overall user experience, incereased sustainability, and network scalability in driving adoption. The surge in unique addresses also mirrors the increasing acceptance and recognition of L2 solutions as viable alternatives to “traditional” blockchain platforms.