One Ethereum (ETH) layer 2 scaling solution has seen massive address growth since January, according to cryptocurrency analytics firm IntoTheBlock.
company note The Optimism (OP) network currently has over 5.9 million addresses, a 391% increase over the project’s 1.2 million addresses in January.
OP, Optimism’s native token, is also soaring. The 40th-largest cryptocurrency asset by market capitalization is trading at $2.58 at the time of this writing, up nearly 16% in the last 24 hours. Operating profit also increased by almost 180% compared to the beginning of the year.
Despite the address growth, Optimism still lags behind rival Ethereum scaling solution Arbitrum (ARB) in terms of daily transactions.
For example, Optimism recorded about 444,000 transactions on Thursday, while Arbitrum registered more than 795,000, according to the two projects’ respective block explorers.
However, both projects are led by Coinbase’s newly launched Ethereum scaler Base, which recorded about 304,000 transactions on Thursday.
Coinbase officially launched Base last August. This project, based on Optimism, currently has no native token. It is designed to be compatible with Ethereum, Ethereum layer 2, and alternative layer 1 blockchains.
ARB is trading at $1.17 at the time of this writing. The 54th-largest cryptocurrency asset by market capitalization is up nearly 6% in the last 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney