Meanwhile, he stressed that the metrics cannot be treated as exactly similar: For second-layer networks, the indicator refers to the sum of assets on L2, including native tokens. For L1s, the metrics reflect the sum of assets locked in dApps on this or that blockchain.
The analyst used L2Beat’s data for tracking second-layer blockchains and DefiLlama to analyze what is happening on non-Ethereum L1s.
It is interesting that back in September 2021, he asked his audience about the date of this “L2-over-L1” flippening. While the majority of his followers were sure that this fact could take place in 2022, 20% answered that it would never happen.
The L2s ecosystem was 20 times smaller than the L1s one, as of the date of the first voting. During the crypto winter, this gap became even more dramatic; its peak was reached amid the Terra/Luna collapse in Q1, 2022.
The L2s scene remains heavily “concentrated”: Only five networks — Arbitrum (ARB), OP Mainnet (Optimism, OP), Base, Metis Andromeda and Manta Pacific — are responsible for over 90% of its TVL.
Arbitrum (ARB), the largest Ethereum-based L1, is rebuilding its dominance after a small decline. As of printing time, it is one step away from the 50% barrier.
For the closest competitor, OP Mainnet, this indicator equals 28.65%, L2Beat says.
This article was originally published on U.Today
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