Up by 12.7% – Assessing why this L2 network’s on-chain activity shot up

ambcrypto.com:

The world’s largest altcoin, Ethereum, despite its sheer dominance, has faced a lot of criticism given its limited transactions per second (TPS). This has often contributed to a massive surge in gas prices thanks to network congestion.

And, this is exactly where Layer 2 (L2) solutions enter the picture.

On-chain activity for leading Layer 2 networks have been on a downtrend lately. The fall in on-chain activity is likely to be related to cooling demand for decentralized finance (DeFi) as crypto-markets have retreated this year. However, one platform that has clearly stood out despite the odds is Arbitrum.

Arbitrum, the Ethereum L2 roll-up, was one of the first optimistic commercial solutions. It lowers costs and speeds up transactions on the Ethereum mainnet. Blockchain analytics firm Nansen reported that seven-day activity in terms of addresses for many of the leading networks declined. On the contrary, in the last 7 days, all but Arbitrum’s (+12.7%) on-chain activities underlined a different picture.

Check out their public dashboard links in the