Study Shows Fastest Growing L2 Blockchains Adopt Users in...
4 Sep 2023
Crypto News Source
Study Shows Fastest Growing L2 Blockchains Adopt Users in Weeks, Not Months
A layer two (L2) blockchain runs alongside an existing blockchain like Ethereum to improve transaction speeds and reduce fees. The Ethereum network now has several popular L2 solutions, but they haven’t always seen rapid adoption. Coingecko recently published a report on the subject which highlights the growth of today’s top L2s. Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee.
Zksync, which launched its mainnet on March 25, 2023, needed 71 days to reach one million addresses. But Base, which launched its mainnet on August 9, 2023, gained over a million addresses in just 11 days. Lee’s research further shows L2s without native tokens onboard users even faster. Both Base and Zksync reached a million users quickly without having launched tokens yet. The study suggests users are hoping for airdrops of governance tokens as rewards for early adoption. The study notes that Base benefited from a wave of popularity around new meme coins launching on the new network. Base is an Ethereum L2 blockchain network developed by the San Francisco-based crypto firm Coinbase.
A layer two (L2) blockchain runs alongside an existing blockchain like Ethereum to improve transaction speeds and reduce fees. The Ethereum network now has several popular L2 solutions, but they haven’t always seen rapid adoption. Coingecko recently published a report on the subject which highlights the growth of today’s top L2s. Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee.
Zksync, which launched its mainnet on March 25, 2023, needed 71 days to reach one million addresses. But Base, which launched its mainnet on August 9, 2023, gained over a million addresses in just 11 days. Lee’s research further shows L2s without native tokens onboard users even faster. Both Base and Zksync reached a million users quickly without having launched tokens yet. The study suggests users are hoping for airdrops of governance tokens as rewards for early adoption. The study notes that Base benefited from a wave of popularity around new meme coins launching on the new network. Base is an Ethereum L2 blockchain network developed by the San Francisco-based crypto firm Coinbase.
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