June 18, 2024


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ARB vs OP – which L2 had the best month in May?

ARB vs OP – which L2 had the best month in May?

  • Blast stole the show as it ranked number one in terms of growth last month
  • The price of ARB has risen by 8%, while the price of OP has fallen by more than 10% in just 30 days

Layer 2 has gained popularity over the past few months, as its growth has led to a decline in usage of the Ethereum network. L2s' headline performance in May was also the subject of a recent report. Given how they've been performing recently, it's worth looking at their performance more closely.

Which L2 leads?

Coin98 recently shared analysis Highlighting the performance of the best L2s on the market. According to the same, optimism [OP]base, and Arbitration [ARB] It is among the top three in terms of total titles. At press time, they had 144 million, 75 million, and 28 million total addresses, respectively.

While Optimism and Arbitrum led the daily new titles chart for most of May, the end of the month saw Base record notable growth. In fact, nearly 742,000 new addresses were created on May 31 alone. Meanwhile, Blast performed the best in terms of growth rate, rising 39%.

On the other hand, Arbitrum was the leader in May in terms of newly created addresses, with 6.4 million.

While ARB and OP dominated the L2 space through network growth, network usage was a completely different ball game. Coin98's tweet revealed that opBNB had the highest number of transactions last month.

Interestingly, Blast once again emerged the winner in May as its transactions increased by 71%. opBNB also dominated the rest, as its transfers per second remained the highest in the past month. On the DeFi performance front, ARB, Blast, and Base were once again the top performers with TVL receiving the most appreciation.

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While many L2s performed well last month, ARB and OP were among the few that consistently dominated the rest. Hence, it is worth looking at their price movements as well.

For its part, ARB rose more than 8% last month. At the time of writing, it was trading at $1.11 with a market cap of over $3.2 billion.

On the other hand, OP bears dominated the market. according to CoinMarketCap, the price of OP has fallen by more than 10% in the last 30 days. At press time, it was trading at $2.45 with a market cap of over $2.6 billion.

is reading optimism [OP] Price prediction 2024-25

Interestingly, despite the positive growth of ARB on the charts, the weighted sentiment for both symbols remained in negative territory – a sign that bearish sentiment has retained its dominance across the ARB and OP markets.

Weighted sentiment for OP and ARB decreased

Source: Santiment