Layer 2 activity has been cooling in most of the bigger networks but that is not the case for Arbitrum. They have seen a steady increase in their number of active addresses and TVL recently.
The on chain activity for many of the leaders has taken a nosedive in recent times but Arbitrum is an exception to this. According to attest reports which had analysed 7 day’s worth of activities. It now has become the only L2 network alongside Ethereum L2 that has shown signs of growth.
It grew more than 12.7% in just the last week and added 46,200 active addresses that are unique too. Even though this figure is significantly less than its counterparts it shows promise in the blockchain. But with a market share of 55% Arbitrum is still a majority shareholder in the TVL (Total Value Locked).
Polygon, another major player in the layer-2 platform, has seen a 15% decrease in terms of TVL in the last 14 days. Also, they have had 10.9% fewer unique users join their chain at the same time. ETH and Binance Smart Chain witnessed similar trends with a shortcoming of 2.9% and 2.7% respectively.
This means that even though Layer 2 registration is slowing down Polygon is an exception to this. They have been making strides in the DeFi space with their new initiatives that offer better security and liquidity.
If you have been planning to get into the DeFi space and get a Layer2 username then right now is the best time to do so.
