One Ethereum (ETH) layer-2 scaling solution has witnessed staggering address growth since January, according to the crypto analytics firm IntoTheBlock.
The firm notes that Optimism’s (OP) network currently clocks more than 5.9 million addresses with a balance, a massive 391% increase from the 1.2 million addresses the project had in January.
Optimism’s native token, OP, is also surging. The 40th-ranked crypto asset by market cap is trading at $2.58 at time of writing and is up nearly 16% in the past 24 hours. OP is also up almost 180% since the beginning of the year.
Despite the increase in addresses, Optimism still lags behind rival Ethereum scaling solution Arbitrum (ARB) in terms of daily transactions.
Optimism, for example, clocked around 444,000 transactions on Thursday, while Arbitrum registered more than 795,000, according to both project’s respective block explorers.
Both projects, however, lead Coinbase’s newly launched Ethereum scaler Base, which witnessed around 304,000 transactions on Thursday.
Coinbase officially released Base in August. The project, which is powered by Optimism, does not currently have a native token. It’s designed to be compatible with Ethereum, Ethereum layer-2s and alternative layer-1 blockchains.
ARB is trading at $1.17 at time of writing. The 54th-ranked crypto asset by market cap is nearly 6% in the past 24 hours.
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