Research Summary
The report provides an analysis of the latest trends in Layer 2 (L2) blockchains, focusing on new listings, user activity, transaction fees, and the role of the Optimism Foundation. It highlights the growth of Aperture, a DeFi exchange protocol, and the surge in daily active users (DAUs) across leading L2 blockchains.
Key Takeaways
Aperture’s Dominance in Manta Pacific
- Aperture’s Growth: Aperture, a non-custodial DeFi exchange protocol on Manta Pacific, has over 32K monthly active users and has generated $393M in cumulative trading volume since September ’23. It is responsible for most of the trading volume across DEXs on Manta Pacific.
Surge in L2 Blockchain Activity
- Increased DAUs: The report notes a significant increase in DAUs across leading L2 blockchains, primarily due to the evolving landscape of dApps and the introduction of new L2 blockchains. DAUs on Arbitrum, OP Mainnet, and Starknet have increased by 168%, 351%, and 927%, respectively.
- New Entrants: Over the past year, three new notable entrants to the L2 landscape have been zkSync Era, Base, and Manta Pacific. DAUs on these platforms have surged by 574%, 91%, and 2847%, respectively.
Transaction Fees on L2 Blockchains
- Lower Fees: Over the past 30 days, zkSync Era, Arbitrum, and Base have had lower average transaction fees than other L2 blockchains. The lower fees may be due to technological efficiencies, fewer transactions reducing congestion, or the presence of system transactions that do not incur fees.
Role of the Optimism Foundation
- Supporting App-Chains: The Optimism Foundation provides the necessary rollup stack for projects launching their own app-chains, capturing a share of the gas fees/profits generated by these app-chains. As more projects utilize the Optimism Foundation’s services, the foundation is expected to accrue significant value.
VC Funding in Blockchain
- Increased Funding: Venture Capital funding in the blockchain space started to pick up in Q4-23, seeding the next cycle (’27/’28).
Actionable Insights
- Monitor the Growth of New L2 Blockchains: The report highlights the rapid growth of new L2 blockchains like zkSync Era, Base, and Manta Pacific. Stakeholders should monitor these platforms for potential opportunities and trends.
- Understand the Role of the Optimism Foundation: The Optimism Foundation’s role in providing the necessary rollup stack for app-chains and its potential to accrue significant value should be understood and considered in strategic decisions.
- Consider the Impact of Lower Transaction Fees: The lower transaction fees on certain L2 blockchains could influence user behavior and platform preference. Stakeholders should consider this when evaluating these platforms.
