ARB vs. OP – Which L2 had the best month of May?

• Blast stole the show as it was ranked #1 in terms of growth last month 
• ARB’s price hiked by 8%, while OP fell by more than 10% in just 30 days 

Layer-2s have gained much popularity over the last few months, with their growth resulting in a drop in Ethereum’s network usage. The performances of major L2s in the month of May was the subject of a recent report too. Given how they’ve been doing lately, it’s worth looking at their performances more closely. 

Which L2 is leading?

Coin98 recently shared an analysis highlighting the performance of the market’s top L2s. According to the same, Optimism [OP], Base, and Arbitrum [ARB] are among the top three in terms of total addresses. At press time, they had 144 million, 75 million, and 28 million total addresses, respectively.

While Optimism and Arbitrum led the daily new addresses chart for much of May, the end of the month saw Base register remarkable growth. In fact, it saw nearly 742K new addresses created on 31 May alone. Meanwhile, Blast performed the best in terms of growth rate, as it hiked by 39%.

On the other hand, Arbitrum was the leader in May in terms of newly created addresses, as its number stood at 6.4 million.

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

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

ARB vs OP

While several L2s performed well last month, ARB and OP were among the few that consistently dominated the rest. Hence, it’s worth looking at their price actions too. 

For its part, ARB’s value surged by more than 8% last month. At press time, it was trading at $1.11 with a market capitalization of over $3.2 billion.

On the other hand, OP bears dominated the market. According to CoinMarketCap, OP’s price dropped 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.

Read Optimism’s [OP] Price Prediction 2024-25

Interestingly, despite ARB’s positive growth on the charts, both tokens’ weighted sentiments remained in the negative zone – A sign that bearish sentiments retained their dominance across ARB and OP’s markets. 

Source: Santiment