While the leading Layer 2 networks face declining on-chain activity, arbitrum is thriving. Activity on the platform has increased by 12.7% over the past week with 46,200 unique active addresses on the network.
which is just over $3 billion giving it a market share of 54.9%. Defillama reports that the most popular protocol running on the network is the SushiSwap DEX but it also notes a higher TVL figure of just over $4 billion for the Polygon network.
Collateral locked on Arbitrum has crept up over the past few days, increasing 5.7% since Feb. 25. Conversely, rival layer two network Optimism has seen a decline in TVL over the same period. Optimism has an 8% L2 market share with a total value locked of $444 million, and address activity has fallen by 17.9% over the past week according to Nansen.
Other layer two platforms such as Polygon have also seen declines in terms of activity as reported by Nansen. Polygon has slowed by 10.9% in terms of seven-day active addresses and TVL on the network has fallen 15% over the past fortnight according toNansen also reported weekly address activity declines of 2.7% and 2.9% for Binance Smart Chain and Ethereum respectively.
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