Report Shows Growth In Multiple Ethereum Layer 2 Networks; Polygon Leads The Pack

Report Shows Growth In Multiple Ethereum Layer 2 Networks; Polygon Leads The Pack
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The significance of Layer 2 solutions is becoming increasingly evident as web3 adoption continues to grow, paving the way for developers to launch without compromising the speed of scalability.

Layer 2 solutions have seen a significant increase over the last three months in key metrics, including day-to-day users, transaction volumes and increased network charges. According to a report from the token terminal blockchain analytics provider, the number of locked assets in these networks is also on the rise. 

Token terminal data indicates that the number of polygon users per day has increased since October 2022. In October, daily users were 313400, which almost doubled to more than 600000 daily users. The increase in the transaction resulted in a daily network fee of approximately $55,000 for the polygon.

According to data, arbitrum one has increased by 40% and now has 41695 daily users making a daily charge of more than $40,000. Arbitrum also leads the market share in terms of total blocked value (tvl) on its network. Tvl on arbitrum is 2.5 billion dollars, representing 52% of the total assets locked on the platforms of layer 2 of Ethereum.

Optimism recorded gains of more than 180% in daily network charges, which represents a considerably larger increase than the polygon. The last three months also saw daily users on a peak optimism of 190%. TVL on Optimism currently has a market share of 30% of USD 1.46 billion.

Polygon’s developers are working round the clock

Among layer 2 networks, Polygon is tipped to have a more robust development in 2023. The network’s recent hard fork, which will reduce gas fees and improve its overall performance, can be described as an early sign of future developments.

Several projects are also scheduled to migrate to the polygon from competing networks, including Solana's yoots. Polygon has joined forces with xternity to migrate the land of synergy, a web3 game, solana. Last week Mastercard announced a partnership with Polygon as it launched its web3 musician accelerator program aimed at helping artists build their brands leveraging on web3.

Polygone once again climbed into the top 10 cryptocurrencies per market cap after it was pushed briefly by solana this week.