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Fantom, Arbitrum, and Optimism See Surge in Daily Active Addresses

Explore the recent increase in daily active addresses on Fantom, Arbitrum, and Optimism blockchains compared to seven months ago, and how they still trail behind BNB Chain in on-chain activities.
Published on 2022-11-24

Rise in Daily Active Addresses

Fantom, Arbitrum, and Optimism have experienced a significant increase in daily active addresses, now surpassing weekly figures from seven months ago. This surge highlights a growing interest and activity within these blockchain networks.

On-Chain Activities

On-chain activities encompass a variety of actions, including using decentralized applications (dApps), creating new wallets, participating in DAO voting, and executing swaps. Despite the growth in these activities across the mentioned blockchains, they still trail behind the BNB Chain, which records 1.27 million daily active addresses.

Smart Contract Development

The recent uptick in smart contract development on these blockchains suggests a burgeoning interest in expanding blockchain functionalities. This development is crucial for enhancing blockchain ecosystems and encouraging more user interaction.

Layer-Two Solutions

Optimism and Arbitrum are prominent layer-two solutions that leverage Optimistic roll-up technology to enhance Ethereum's scalability. This technology plays a vital role in reducing congestion and lowering transaction costs on the Ethereum network.

Ethereum Gas Fees

Ethereum's network has seen a significant decrease in gas fees, hovering around $2-3 million daily since late July 2022, compared to the previous year's $57 million daily average. This reduction underscores the impact of scaling solutions like Optimism and Arbitrum.

NFT and DeFi Influence

NFT projects and the decentralized exchange Uniswap are among the top consumers of Ethereum gas fees, particularly those related to the Chinese market. These activities contribute significantly to the fees generated for Ethereum validators.

Ethereum Market Performance

Currently, Ethereum trades at $1,196, showing a modest 3% increase over the last 24 hours, with minimal cumulative gains over the past week. This stability reflects the broader market conditions and ongoing developments within the Ethereum ecosystem.

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