An analysis of the current state of second-layer networks and non-Ethereum Layer 1 blockchains has revealed some interesting insights. The metrics used to measure these networks differ, with second-layer networks including the sum of assets on L2, including native tokens, while Layer 1 metrics reflect the sum of assets locked in dApps on specific blockchains.
The analysis, conducted using data from L2Beat and DefiLlama, aimed to track the progress and growth of second-layer blockchains and non-Ethereum Layer 1s. The research also took into account the opinions of followers, with a question posed to the audience about the possibility of an “L2-over-L1” flippening. While the majority believed this could happen in 2022, 20% of respondents believed it would never occur.
Comparing the size of the L2 ecosystem to that of L1s, it was found that the former was 20 times smaller at the time of the first voting. However, during the crypto winter, this gap became even more pronounced, reaching its peak during the Terra/Luna collapse in Q1 of 2022.
The concentration of activity within the L2s scene is apparent, with only five networks – Arbitrum (ARB), OP Mainnet (Optimism, OP), Base, Metis Andromeda, and Manta Pacific – accounting for over 90% of the total value locked (TVL) in these networks. Arbitrum, the largest Ethereum-based Layer 1, has seen a slight decline but is still close to the 50% mark. OP Mainnet, its closest competitor, currently holds a 28.65% share, according to L2Beat.
It is worth noting that this article was originally published on U.Today.