Journalist
Aware:
- L2s saw a surge in revenue as interest in the crypto space grew.
- Token prices grew across all protocols; however, network growth fell.
As the cryptocurrency market began to see an upward trend in recent weeks, the L2 sector saw tremendous growth. In particular, in November, the daily revenue of the four major Layer 2 projects: Decision [ARB], Optimism [OP], Polygon [MATIC]and BuildOnBase, increased.
Revenue starts to increase
The increase in daily revenue of the top four L2 projects was a positive sign for the cryptocurrency market. He indicated that these projects were gaining more users and generating greater profits. This could increase confidence in the crypto space and attract new investors.
Source: token terminal
The growth of the aforementioned L2 projects suggested that they were facing increasing adoption. As these projects expand, they can contribute to the overall development and success of the cryptocurrency ecosystem.
Investors and traders may notice this trend and consider these L2 projects for their investments, which could lead to a rise in their token prices. However, it is crucial to closely monitor these developments to assess the sustainability of this growth in the long term.
The increase in daily revenue also reflects the growing interest and activity in the crypto space, which is a positive sign for the future of the industry. As more users participate and transact on these L2 projects, it can lead to more innovation and advancements in the space.
In terms of daily activity, Polygon was the busiest, followed by Arbitrum, then Optimism, and finally Base. In the DeFi world, Arbitrum had the most total value locked (TVL), with Polygon in second place, Optimism in third, and Base in fourth.
Source: Artemis
For DeFi, Arbitrum was the most popular and had the most money locked in its system. People also liked using Polygon for DeFi, followed by Optimism, and Base was the least popular for DeFi.
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In terms of tokens, ARB, OP, and MATIC were seen seeing an increase in price. However, the network growth of all these tokens slowed in recent days. This meant that new addresses were losing interest in these tokens.
The decline in network growth meant that existing holders were collecting more of these coins. However, in the long term, interest from new addresses will play a crucial role in the growth of these tokens.
Source: Sentiment
