Cointime

Cointime

Download App
iOS & Android

OurNetwork ON–209: L2s

From OurNetwork By Spencer Noon

Layer 2s 🚄

① Scroll 📜

👥 Shahryar Hasnani | Website | Dashboard

📈 Scroll had the fastest growing ecosystem by overall developers in 2023, at 453%

  • Scroll is the community-first, native zkEVM built on Ethereum — designed for scaling without sacrificing security, developer, or user experience. Scroll had the fastest growing ecosystem by overall monthly developers between Q4 of 2022 and 2023, at 453%, over two times the next highest ecosystem. This is due to a combination of the simple DevX (EVM bytecode-compatibility), Scroll's heavy focus on developer education, and significant cross-collaboration with Ethereum Foundation contributors.

Source: Electric Capital Developer Report

  • Scroll has seen a significant rise in returning contract deployers since mainnet launch, jumping from under 5% initially to nearly 25% last month—a 460% surge, signaling robust developer retention. Daily figures provided below for additional granularity.

Source: scrollstats.com

  • Scroll reached an all-time high weekly transaction count of over 1.7 million in mid-February. A confluence of factors contributed, including: new key deployments like Aave, novel growth initiatives, and a broad resurgence of interest in ZK-rollups.

Source: scrollstats.com

  • 💦🔬 Tx-Level Alpha: This is the transaction that executed Scroll's critical bridging cost upgrade on L1. This was Scroll's first protocol upgrade since mainnet, and it significantly improves the cost of bridging funds from Ethereum to Scroll (by an order of 50%). The upgrade consists of several gas optimizations to the bridge and rollup contract, and is hugely important to the Scroll's health and UX, allowing many more users to bridge with far fewer funds.

② Starknet 🐺

👥 Hessish | Website | Dashboard

📈 $STRK airdrop distribution to over 1 million addresses & its impacts on Starknet chain activity

  • Last week, the $SRTK airdrop was likely the biggest news across all L2s. On Feb. 20th, over 586M $STRK tokens were distributed to +1M addresses. This included Starknet mainnet, Ethereum, & StarkEx users, along with Starknet GitHub contributors. So far, over 50% of eligible addresses have successfully claimed their tokens, demonstrating strong engagement. Notably, Starknet mainnet users have been the most active group, with 95% claiming rate (484k of 508k eligible users).

Source: voyager.online

  • Starknet submitted 187.9 average transactions per block on the airdrop day, which was higher than Ethereum mainnet stats at the same time. Also on Feb. 21, the number of unique active users per day reached to 371.9K, a 90-day record, demonstrating the airdrop’s impact on user activity.

Source: voyager.online

  • There’s been a notable boost in Starknet’s total locked volume since the STRK airdrop. Breaking down the TVL by different tokens, we notice $STRK's significant role token in the recent increase. Currently, with an overall volume of $1.1 billion USD, $STRK is the main asset of Starknet’s TVL.

Source: L2beat.io

  • 💦🔬 Tx-Level Alpha: Besides $STRK's recent hype, The Native Account Abstraction is one of the main Starknet features to look at. For example this random block showcases the power of multicalls, enabled by Native Account Abstractions or Smart Wallets. This functionality allows for the consolidation of multiple actions, like token approval & swapping, into a single transaction. This not only improves user experience but also enhances security by preventing funds from being drained even if a proxy is compromised.

③ Base 🔵

👥 Lewis Harland | Website | Dashboard

📈 Base transaction count 2x YTD, sequencer profit reaches 5 month highs

  • Base is an Optimism-powered layer 2 rollup on Ethereum, launched by Coinbase.Base facilitates ~470k transactions/day - the same level as OP Mainnet. Base tx count has 2x YTD while transacting addresses have increased 40% over the same period. Base briefly overtook Arbitrum on active addresses on February 17th by 14%. A key user growth driver has been the social app Farcaster where 70% of its 201k users have identities on Base.

Source: Dune Analytics - @msilb7

  • Base uses a sequencer to bundle transactions and submits them to the L1. An increase in on-chain usage has driven monthly sequencer profits to 5-month highs with the biggest monthly increase since August 2023. The sequencer maintains a profit margin of ~20%.

Source: Dune Analytics - @niftytable

  • Base has the highest weekly contract deployment count (5.8k) and several addresses deploying contracts (3.9k) against key competitors. Contract deployment count has increased ~50% YTD and reflects a growing interest in launching new applications, tokens, and NFTs within the ecosystem.

Source: Artemis

  • 💦🔬 Tx-Level Alpha: Base is celebrating its first anniversary by launching the 'Blue Dot' NFT on Zora. This tx refers to the contract deployment for the blue dot collection. Since launching, there have been 54k minters generating >30 ETH in creator earnings.

④ Arbitrum 💙,🧡

👥 Reuben | Website | Dashboard

📈 Arbitrum: the largest L2 Chain for ETH assets with $9.5B worth of native ETH and $364M worth of ETH LSTs

  • Arbitrum One is an L2 scaling solution that offers ultra-fast, low-cost transactions and derives its security from Ethereum through Optimistic Rollup technology. On Arbitrum One, 14.6M wallets have 3.1M ETH ($9.5B) in total. This is more than Optimism, Base and Polygon zkEVM combined – Arbitrum One is home to 55% of the wallets holding ETH in L2s and has a 77% market share for ETH held. At $364M, 38% of the net ETH LSTs that were deposited in L2s is on Arbitrum One. Its ETH LSTs consist of three types: wstETH (84%), cbETH (14%) and rETH (2%).

Source: Allium & Dune Analytics - @arbitrumintern

  • Of the top L2s (Arbitrum, Base, Optimism, zkSync), Arbitrum One has consistently has the most amount of incoming monthly native ETH transfers from centralized exchanges (CEXs). As of February 2024, Arbitrum One had almost four-fifths (78%) of the total native ETH inflow from CEXs.

Source: Dune Analytics - @arbitrumintern

  • Since 2023, $9.3B worth of assets have been bridged into Arbitrum One via the Arbitrum Native bridge on the Arbitrum Portal. This makes the Arbitrum Native Bridge the fourth largest address by ETH held on Ethereum.

Source: Etherscan & Dune Analytics - @datawarlock

  • 💦🔬 Tx-Level Alpha: A feature of ArbOS, this transaction is one of the common precompiles. Its purpose is to manage retryables as part of Arbitrum's canonical method for creating L1 to L2 messages (i.e. L1 transactions that initiate a message to be executed on L2). In this transaction, we can see that ETH is also sent to Arbitrum's L2 Surplus Fee and Arbitrum's L2 Base Fee -- a feature critical to Arbitrum's sustainable economic model for the Arbitrum ecosystem.

⑤ Mode 🟡

👥 sealaunch | Website | Dashboard

📈 Mode Network crosses $110M in TVL with 130k bridging addresses

  • Mode Network is a modular DeFi L2 based on the OP Stack and is part of Superchain. The goal of Mode is to directly reward users and developers for their contribution to the ecosystem through built-in mechanisms such as Sequencer Fee Sharing and user referral fees. Mode Network’s mainnet launched at the end of January and its total value locked (TVL) has recently exceeded $110 million with over 130,000 addresses that bridged to the network.

Source: Dune Analytics - @sealaunch_team

  • Currently Mode Network has daily active addresses ranging between 13k and 20k, and daily transactions ranging between 110k and 170k. Additionally, in the last weeks, between 1.5k and 2k new addresses bridge to the network on a daily basis.

Source: Dune Analytics - @sealaunch_team

  • When comparing Mode's active addresses and transactions with those of other L2s on Superchain (OP Stack), Mode represents approximately the equivalent of 25% of Base's transactions and 33% of Optimism's transactions.

Source: Dune Analytics - @sealaunch_team

  • 💦🔬 Tx-Level Alpha: A single address bridged 689 ETH (~$2M) to Mode on a single transaction. This address is currently the #6 address in terms of net amount bridged.
Layer2
Comments

All Comments

Recommended for you

  • Ethena: USDe-Related Token Incentives to Reach Zero, Down Approximately 85% Since 2024

    On September 26, Ethena announced that since the first airdrop in 2024, token incentives related to the growth of USDe have decreased by approximately 85% from 2024 to this year. The official statement indicated that by the end of this month, token incentives and additional issuance related to USDe will reach zero, and there will be no further incentive arrangements thereafter. Ethena also expressed gratitude to all users who have participated and supported the development of the product to date.

  • Analyst: Bitcoin Enters Bull Market Phase as MVRV Ratio Surpasses 1.0 Baseline

    On September 26, crypto analyst Axel Adler Jr. stated that Bitcoin has transitioned from an early bull market to a bull market phase. The adjusted MVRV 30-day/365-day moving average ratio he tracks broke above the 1.0 baseline on September 20 (with the short-term average surpassing the annual average), at which point BTC was priced at $80,691. Previously, this ratio had crossed above the 365-day moving average on August 20, marking the entry into the early bull market when BTC was priced at $71,255; this phase lasted for 31 days, during which Bitcoin rose by 13%. The current ratio stands at 1.018, with BTC priced at $84,156. As long as it remains above 1.0, the structure will maintain a bullish outlook. This marks the sixth such transition since 2012, and in four of the previous five instances, the bull market ended with prices above the entry price, with the only exception being August 2015, when the bull market lasted only 16 days.

  • CFTC Sues Cash FX Over $950 Million Crypto-Related Forex Scam, Investors Lose at Least $406 Million

    On September 26, Cointelegraph reported that the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Cash FX Group and three individuals, involving $950 million and elements of cryptocurrency. The defendants include Cash FX and its CEO Huascar Jose Lopez Castillo (Brazil), The Conversion Pros and its CEO Ronald Pope (Oregon), as well as Justin Halladay (Florida). The CFTC stated that the complaint was submitted to the U.S. District Court for the Middle District of Florida on Friday. The agency accuses the defendants of operating a multi-level marketing Ponzi scheme, raising over $950 million under the guise of trading retail forex contracts in a commodity pool, falsely claiming that funds were managed by expert traders, proprietary algorithms, and artificial intelligence, with promises of returns as high as 15% per week. The CFTC pointed out that Cash FX engaged in very little actual forex trading, misappropriating most participants' funds to pay fictitious trading profits with new investments, while funneling millions of dollars to the defendants and providing false accounting statements. Participants have suffered losses of at least $406 million.

  • China and the U.S. Reach Consensus on Eight Key Outcomes

    On September 26, according to CCTV, Chinese President Xi Jinping made a state visit to the United States from September 23 to 25. During this period, the two heads of state engaged in in-depth discussions on building a constructive strategic stable relationship between China and the U.S. and addressing major international and regional issues, reaching a consensus on eight key outcomes, including: 1. Both sides agreed to establish a 'constructive strategic stable relationship based on respect, fairness, and equality.' 2. Both sides agreed to support each other in successfully hosting the informal meeting of APEC leaders and the G20 leaders' summit, with both heads of state intending to attend each other's hosted meetings. 3. The two heads of state agreed that Iran should fulfill its commitment not to develop nuclear weapons, and that no country or organization should impose tolls on international waterways. 4. The two heads of state recalled that China and the U.S. were allies in World War II, fighting side by side to achieve victory. 5. The two heads of state recognized the positive role of the China-U.S. economic and trade consultation mechanism and the outcomes of consultations by both economic and trade teams, including the establishment and promotion of mechanisms such as the Trade Council, reaching a '30 billion USD' reciprocal tariff reduction arrangement, and postponing the results of the Kuala Lumpur economic and trade consultations, and instructed for their implementation. 6. The cooperation between the drug enforcement agencies of China and the U.S. has yielded visible results. Recently, both sides closely collaborated to jointly crack multiple cases involving new psychoactive substances and precursor chemicals, resulting in the arrest of dozens of related criminal suspects in both countries. 7. Both sides agreed to establish a China-U.S. dialogue on artificial intelligence to discuss the associated risks and benefits. The next dialogue will be held in November this year, and both sides agreed to establish a communication channel for AI-related incidents. 8. The U.S. welcomed the loan of a pair of giant pandas from China to the Atlanta Zoo. In addition, the military of both countries agreed to sign a memorandum of understanding to strengthen crisis communication and prevention as soon as possible and to continue cooperating in the search for the remains of U.S. military personnel missing in China.

  • New SEC Guidelines: Staked ETH Receipt Tokens Do Not Constitute Securities, Provided They Are Purely 'Receipts'

    On September 26, according to BeInCrypto, the U.S. SEC's Division of Corporation Finance released new guidelines clarifying that tokens received from staking Ethereum do not constitute securities, provided their function is purely as 'receipts'. The document states that when tokens are backed by 'digital commodities', staked receipt tokens are considered 'digital tools'; the SEC and CFTC listed 16 types of digital commodities in a clarification document on March 17, including Ethereum (ETH). The guidelines set conditions: tokens must not alter the rights associated with the staked ETH or provide additional rewards, and service providers must not lend, stake, or reuse the deposited tokens; this contrasts with Kraken's $30 million fine in 2023 for promoting yield and shutting down its staking services in the U.S. The document also covers buybacks: announcing a buyback when the network is operational does not constitute a commitment that would turn the tokens into securities; however, it may still constitute one if the network is not yet complete.

  • US Lawmakers Propose Bill to Ban Chinese Optical Transceivers in National Security Systems

    On September 26, a bipartisan group in the U.S. Senate proposed a bill on September 25 aimed at prohibiting the federal government from installing Chinese-made components used for data transmission in artificial intelligence data centers within sensitive systems. The bill was jointly initiated by Republican Senators John Cornyn and Mike McCaul, along with Democratic Senators Jon Tester and Alex Padilla, and primarily targets optical transceiver modules produced by Chinese companies such as New H3C Technologies. Currently, Chinese optical transceiver manufacturers dominate this core component market in AI data centers.

  • SEC and CFTC Update Crypto FAQs: Token Buybacks and Network Upgrades Not Necessarily Securities, CFTC Allows On-Chain Record Keeping

    On September 26, the U.S. Securities and Exchange Commission's Division of Corporation Finance released an updated FAQ on September 25, clarifying that token buybacks, network upgrades, and marketing statements do not automatically make crypto assets securities. SEC staff noted that announcing a buyback plan for an operational crypto network does not, by itself, make the associated tokens investment contracts; however, if the network is not operational and the issuer promotes the buyback as a source of returns for holders, it may be a different case. The FAQ also clarified that services provided once a crypto system is operational, aimed at securing, maintaining, improving, or enhancing the system or its functions, or promoting network effects, do not constitute managerial efforts under the Howey test. Marketing existing uses of the network typically does not create profit expectations, and statements about future functionalities do not either, provided there is no promotion of profit potential. This update reiterates that conclusions will still heavily depend on specific cases and are based on the SEC's interpretative release regarding the applicability of securities laws to crypto assets issued in March this year. On the same day, the Commodity Futures Trading Commission updated its crypto FAQ, allowing futures firms and clearinghouses to invest customer funds in tokenized versions of previously permitted assets, provided they meet investment and custody requirements. CFTC staff also indicated that regulated companies may use blockchain for record keeping but must still be able to provide records if the blockchain or its block explorer is non-operational. These updates come as the CLARITY Act failed to advance in the Senate, with regulators continuing to push forward with the crypto regulatory framework based on existing laws.

  • BTC Surpasses $84,000

    Market data shows that BTC has surpassed $84,000, currently priced at $84,004, with a 24-hour decline of 0.25%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Falls Below $84,000

    Market data shows that BTC has fallen below $84,000, currently priced at $83,988.06, with a 24-hour increase of 0.52%. The market is experiencing significant volatility, so please ensure proper risk management.

  • ETH Falls Below $2700

    Market data shows that ETH has fallen below $2700, currently priced at $2699.7, with a 24-hour increase of 1.95%. The market is experiencing significant volatility, so please ensure proper risk management.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company