Activity in Ethereum L2 increases markedly in 2023, with transactions in Arbitrum and Optimism growing significantly, driving their prices upwards.
Technical analysis reveals fluctuations in ARB and OP, with upside reversal potential for ARB and volatility forecast for OP.
The year 2023 has witnessed a significant change in the Ethereum ecosystem, with a notable increase in activity in its Layer Two (L2) protocols. According to IntoTheBlock, a blockchain intelligence firm, transactions on L2s increased 90 times compared to 2021. This change is due to the adoption of scalability solutions such as Arbitrum (ARB) and Optimism (OP), which has had a noticeable impact on both their usage and the value of their native tokens.
Troubleshooting Scalability Issues in Ethereum
Ethereum’s L2s were developed to solve scalability issues faced by users on the main chain, which processes approximately 15 transactions per second and carries high gas rates. Optimistic rollups, including Arbitrum and O
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