Ethereum and the L2s still look very STRONG 🔷
ETH has been lagging behind Solana and Bitcoin, even with the ETF buzz.
What’s more, Layer-2 giants like Arbitrum, Optimism, Metis, Mantle, and Matic haven’t seen any significant bullish sentiment lately.
It’s fair to say that #Ethereum and its ecosystem aren’t exactly on fire in terms of hype.. But I’m still betting on an Ethereum season, supported by solid on-chain numbers.
There’s a dynamic interplay between Ethereum and its Layer-2s.
As long as ETH stays strong, the Layer-2 narrative stays relevant. And when Layer-2s innovate, they keep Ethereum at the forefront.
Look at Sony’s recent launch of #Soneium , a Layer-2 solution on Ethereum’s OP stack.
It’s a clear sign that Ethereum’s ecosystem continues to attract major players and remains a key force in the space.
Let’s see some on-chain indicators!
1- Unique Users on the Rise
More people are interacting with Layer-2s, and the trend hasn’t let up since early ’24, even when the broader market slumps. Layer-2s are steadily gaining ground.
2- Transaction Surge
No surprise here—more users mean more transactions.
Base is currently leading the pack in on-chain activity within the Ethereum ecosystem, but Arbitrum’s growth is impressive, and Mantle is making waves too.
With a market cap under $500 million, Mantle is outpacing Optimism in transactions.
The growth in TXs versus Ethereum has been way more significant for Base and Arbitrum versus the rest of the crowd. (another strong point for $ARB imo).
3- Total Value Locked (TVL)
TVL across all Layer-2s is climbing, which signals increasing adoption.
Users and developers are putting their trust in these chains to launch apps and stake assets.
Arbitrum specifically stands out when it comes to TVL.
In summary, growth metrics make a strong thesis for Ethereum and its layer-2’s (at least the most important ones).
Arbitrum, in particular, is proving its worth across the board, especially in TVL!
$ETH $ARB $OP $METIS $MNT $MATIC $IMX
