An anonymous DeFi researcher and data analyst who goes by the name @defi_mochi unmasks recent developments in the Layer-2 segment
DeFi cryptocurrency analyst Mochi compared key metrics from Optimism (OP), Polygon Network (MATIC), and Arbitrum to find out who is actually using these second-layer solutions.
Polygon Network (MATIC) usage increased in Q4 2022 thanks to this catalyst
DeFi Mochi took to Twitter to share analysis of network activity on second-layer Ethereum (ETH) solutions, including Polygon Network (MATIC), Optimism (OP), and Arbitrum. The researcher used on-chain data from custom dashboards from Dune Analytics.
With the arrival of Shanghai and the sudden rise of tokens and LSD, an obvious narrative for 2023 is @ethereum Layer 2s.
Who wins the L2 wars and what do on-chain wallets and transaction data tell us? I crunch data with @DuneAnalytics 📊 to help you find out!
— Defi_Mochi (🍡, 📊) (@defi_mochi) January 14, 2023
All L2 networks saw a massive influx of users following the collapse of the FTX exchange in November, as more traders decided to migrate to the decentralized futures trading platform GMX.
While Polygon (MATIC) is still the leader in daily transactions, Optimism (OP) managed to quadruple its ERC-20 transfer market share in the last three months. She siphoned off some of the business from Arbitrum.
Thanks to its NFT-centric partnership with Reddit, Polygon (MATIC) is the undisputed leader in ERC-721 transactions. Out of 13 million Polygon (MATIC) wallets with NFT, 4 million took part in this collaboration.
Arbitrum is dominated by whales, while Optimism (OP) approaches Bedrock
Meanwhile, Optimism has more wallets with ERC-20 balances: over 789,000 crypto enthusiasts use it for Ethereum-based token transfers.
Analysts have also noticed that Arbitrum remains a beloved network of whales (wallets with over $100,000 in equivalent). A total of 3,968 large wallets on Arbitrum are in charge of its 25% funds.
Additionally, Arbitrum demonstrated the most impressive growth in Total Value Locked (TVL), a crucial DeFi metric. While Polygon (MATIC) and Optimism (OP) are lagging behind, things may change with the activation of the Bedrock upgrade on Optimism.