Optimism and Arbiturm battle for numero uno position in the L2 space
- Arbitrum’s TVL remained high compared to Optimism, as did its DEX volume.
- Optimism dominated Arbitrum on the social front, reflecting its popularity.
Here's a Chart comparing the Daily Active Users of these 3 Chains.
Which one are you currently using? ? pic.twitter.com/qBeNrXgcgj
— CoinMarketCap (@CoinMarketCap) August 25, 2023
Read Optimism’s [OP] Price Prediction 2023-24
Interestingly, Base, the newest L2 on the block, outpaced OP in terms of active users. However, considering the competition between OP and ARB, which L2 has an edge in the current scenario?
Optimism vs Arbitrum: An intense competition
Over the last few months, Optimism’s performance has been remarkable, as it has been closing in on Arbitrum. Notably, the former flipped the latter in daily active users on 15 August.
The game in terms of daily transactions was different, as during July and August, OP flipped ARB quite a few times. Such incidents happened on 26 July, 8, and 15 August 2023. This indicated that OP’s usage was similar to that of ARB.
A similar competition was also noted in terms of both layer 2’s fees. Over the last three months, both OP and ARB’s fee charts have been closely knit. However, there were a few areas in which Arbitrum dominated Optimism in Total Value Locked (TVL).
OP failed to increase its TVL above the $1 billion mark, and was valued at $721 million at press time. On the other hand, Arbitrum’s TVL surpassed $2 billion, but fell slightly to reach $1.72 billion at press time. The same trend remained true for both L2s’ DEX volumes.
A look at how OP and ARB are faring
Both tokens’ prices were also similar, as were their market caps. ARB’s market cap was only 200 million, making ARB the 38th largest token, while OP sat in the 41st spot on the same list.
How much are 1,10,100 ARBs worth today?
At press time, ARB was trading at $0.9457, while OP was valued at $1.49. However, OP clearly outshone ARB on the social front. This was evident from Santiment’s data, as OP’s social volume remained higher than that of ARB.
Interestingly, Optimism also seemed to have a larger investor base at the time of publication. This was evident in the number of holders, which increased from 800,000 to over 900,000 in the last month, while ARB’s figure remained under 800,000.