Weekly fundamentals – Blockchains (L2)

Today in Weekly fundamentals

• New listings

• State of the Blockchains (L2) market sector

  • Daily active users (DAU)

  • Transaction fees

• Insights from our community

📊 New listings

Aperture – a non-custodial DeFi exchange protocol built on Manta Pacific. Manta Pacific is an Ethereum-based L2 rollup deployed on the OP stack, leveraging Celestia for data availability.

• As of today, Aperture serves over 32K monthly active users and has generated $393M in cumulative trading volume since September '23. Aperture is currently responsible for the vast majority of total trading volume across DEXs on Manta Pacific.

• Aperture offers LP's advanced automation features and is pioneering the concept of 'Intents' in DeFi. Intents allow users to declare transactional goals for solvers to competitively fulfil, enhancing efficiency.

👓 Insights from Token Terminal research

The amount of daily active users (DAU) on L2 blockchains has increased over 8x within a year (from ~100K to ~800K). The increased adoption of L2 blockchains stems from improvements in transaction speed and lower transaction fees, which lead to better end-user UX. We anticipate that this trend will persist throughout ‘24, as new teams and existing applications want to scale out their product or service.

A year ago, the only operational L2 blockchains tracked by Token Terminal were Arbitrum, OP Mainnet, and Starknet. Today, their DAUs are up 168%, 351%, and 927%, respectively.

Over the past year, we've witnessed three new notable entrants to the L2 blockchain landscape: zkSync Era, Base, and Manta Pacific.

zkSync Era had the most transactions (42M) and the lowest average transaction fees ($0.14) over the past 30 days. In contrast, Starknet had 10x fewer transactions (4M), but almost 3x higher average transaction fees ($0.42). To better understand the reason for the difference, we’d need to look at a breakdown of the transaction types for each.

The sharp increase in transaction fees on Base was primarily fueled by growing interest in Farcaster. The rollout of the ‘sufficiently decentralized social network’s’ new feature Frames attracted user attention and catalyzed speculative trading activity (memecoins). The number of transactions on Base grew by 72.6% in the past 30d period to a total of 11.27M transactions.

📣 Insights from our community

Data-driven insights from analysts using Terminal PRO

ICYMI