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Arbitrum | Base | Blast | Starknet

• growthepie provides curated analytics on Layer 2s. Since their inception, L2s have shown impressive growth — the aggregated daily transaction count recently reached an all-time high of ~16.87M in August. 

• The stablecoin market cap for Layer 2s has also been rising — it's now approaching $10B. For context, this is equivalent to ~12.5% of stablecoins on Ethereum or ~5.7% of the entire stablecoin market. Over 75% of L2 stablecoins are on Arbitrum One or Base — Arbitrum One, at ~45% among all L2s, has the largest slice.

• Sub-cent transaction costs are now the norm for most L2s — out of the 16 chains growthepie tracks all but 2 of them are currently below 1 cent for median transaction cost. These costs are subject to spikes. The highest daily median transaction cost in the past 30 days was for $0.124 on Polygon zkEVM. 

• This chart shows a near doubling in transactions over the past few months, including May, June, and July, while user-paid fees have decreased significantly. Arbitrum successfully managed to lower transaction fees in recent months, achieving more than an 80% decrease in fees after Q1 2024.

• Arbitrum appears to have gained more popularity after Q1 2024. The increase in transactions was massive, with May and June being the hottest months. They also recorded more failed transactions than before, which is understandable given the rise in transaction volume.

• This chart shows the total distinct numbers of addresses on the Arbitrum One blockchain and the increase in the number of daily active addresses in the past year. The highest increase of 637,812 new addresses happened on May 18, 2024.

• Coinbase describes Base as a "secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users onchain." Since the beginning of the year, Base has seen strong growth across numerous metrics including daily active addresses, DEX volumes and transaction count. This past week, Base passed 4M daily transactions, ranking #1 among optimistic rollups.

• Given the low fees of optimistic rollups, Base is perfect for stablecoin payments. Circulating supply of USDC on Base has grown at a rapid pace since the start of the year and now hovers around $3B in circulating supply.

• Base has seen a surge of new wallets recently, driven by Uniswap and Blocklords, a game utilizing account abstraction. As the Base ecosystem expands, there's little reason why users won't continue to onboard.

• Blast is the only Ethereum L2 with native yield for ETH (4%) and stablecoins (6%). In less than six months since Blast's launch and under two months after the first airdrop, Blast reached 121.5M transactions on its network, averaging 20M transactions per month. In the past seven days, daily transactions have seen a sharp increase, reaching an all-time high of 2.72M transactions in a single day. Daily transactions in the last 2 weeks have surpassed pre-token generation event (TGE) averages.

• Blast, well-known for its DeFi ecosystem, reached $1B in TVL within 10 days of its launch, peaking at $2.3B. Post-TGE, its TVL has sharply declined, now down 60% from its ATH, standing at $857M. Over 80% of TVL is from platforms native to Blast, led by Thruster, Juice Finance, and Particle Trade.

• After TGE, Blast's daily active users experienced a steep decline, dropping from an average of 81K before the TGE to 51K after, a reduction of over 35%. Number of new users also fell sharply, particularly in the last month, averaging 3,000 per day post-TGE, marking a 70% decrease from the 30,000 average.

• Starknet is a permissionless zero-knowledge rollup layer 2 for Ethereum that enables computation at scale while leveraging Ethereum’s composability and securty. On average, approximately 300 blocks are created every day, with a creation time of 4 to 6 minutes. With the Starknet v0.13.2 upgrade on the horizon, parallel execution will be added to the network, allowing transactions to be processed simultaneously. This will ultimately increase TPS and decrease block creation time.

• Starknet's mainnet launched on Nov. 16 2021, with the STRK token deployed a year later. Activity spiked due to airdrop eligibility, but after the STRK launch in February 2024, active and new users declined, averaging fewer than 1,000 new users and 10,000 active users daily.

• With Ethereum's Dencun update going live on March 13 and the introduction of blob transactions, transaction fees on major L2s, including Starknet, have significantly decreased. Since then, all of Starknet's transactions have used blobs, with average fees dropping to sub-cent amounts.