9 visual charts to show you the real status of L2
author:Stacy Muur
Compiled by: Xiaobai Navigation coderworld
The Red Market is the ultimate test of the protocol and reveals the true user distribution.
This is my opinion on Ethereum L2 An in-depth study of the situation, with rich visuals and on-chain data analysis.
Since 2023, Ethereum L2 Rapid rise,@l2beat Currently, data for 74 L2s and 30 L3s are tracked.
However, only a few general-purpose Rollups have gained widespread attention, attracting a large amount of TVL and users. This study focuses on the nine largest Rollups.
Market capitalization: circulating market capitalization and fully diluted market capitalization
Currently, the fully diluted valuation (FDV) of most L2 Xiaobai NavigationIt has reached billions of US dollars, but its circulating market value is less than 1 billion US dollars, which shows that most of the tokens have not yet entered the market circulation.
The only exception is @0xMantle, its supply of 52% has been unlocked, making it the only L2 with a circulating market value of over $1 billion.
High FDV and low circulation are one of the main reasons why many recent airdrops have failed to meet user expectations.
The assessment of current valuations is challenging, and there is uncertainty about possible future downside moves.
Total locked value (TVL)
In terms of TVL, in addition to @Scroll_ZKP,@LineaBuild and @0xMantle All chains with continuous incentive plans have experienced a difficult summer.
However, compared to Scroll’s newly launched plan, Linea’s nearly year-long airdrop plan isCommunityThe attention in has decreased.
In the underperforming chains,@zksync and @blast The two chains were most affected because they issued their tokens this year, causing liquidity to move to more attractive places.
Fees and Trading Activity
Since Dencun, DA no longer significantly drives the economy of ETH, which has an impact on fees on Ethereum and L2. Therefore, it is particularly important to analyze fee dynamics and transaction activity.
In this regard, driven by speculation,@base Considered the primary destination for new memecoin launches on Ethereum L2, it is showing strong traction with continued growth in transaction volumes.
In contrast, despite @LineaBuild’s ongoing incentive program,@zksync and @LineaBuild The performance was not satisfactory.
Monthly Active Users (MAU)
The change in MAU, an important indicator for evaluating the chain's user retention rate, shows a similar trend.
@0xMantle and @baseExcellent performance, and @StarknetFndn,@zksync and @blast Poor performance.
By comparing the MAU data to the fully diluted valuation (FDV), it is clear that Starknet is significantly overvalued compared to Arbitrum, Optimism, and even ZKsync.
Bridging inflow and outflow
Net bridge traffic is an important indicator for measuring new user and capital inflows.
In L2, the net flow is positive if @Arbitrum,@StarknetFndn,@Optimism,@base and @0xMantle,in @0xMantleThe gap between inflow and outflow is the largest.
on the contrary,@LineaBuild,@zksyncand @blast This results in a negative net flow.
Developer Activities
Finally, developer activity is measured by core development projects and code commits. This data helps assess the current productivity of the team and identify if there is staff reduction.
The most surprising thing is @blast, currently has over 300 core developers (compared to most L2s which typically have only 30-50). This large team also contributes a large number of code commits.
What exactly they were doing is unknown.
If you want to learn more about the impact of airdrops on Ethereum L2 metrics, you can check out my article on Substack.The State of Ethereum Rollups》.
This post summarizes my research findings and expresses my personal views on the power distribution of Ethereum Rollups.
in short:ZK Rollup is still a long way from mass adoption (which is a shame).
The article comes from the Internet:9 visual charts to show you the real status of L2
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