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

  • Blast stole the show as it was ranked #1 in growth last month.
  • ARB’s price increased by 8%, while OP’s price fell by over 10% in just 30 days.

Layer 2s have gained popularity over the past few months, with their growth leading to a decline in usage of the Ethereum network. The performances of the major L2s in May were also the subject of a recent report. Given their performance of late, it’s worth taking a closer look at their performance.

Which L2 is in the lead?

Coin98 recently shared a analysis highlighting the performances of the best L2s on the market. According to the same, Optimism (OP)Base and Arbitration (ARB) are among the top three in terms of total number of addresses. At press time, they had 144 million, 75 million, and 28 million addresses in total, respectively.

While Optimism and Arbitrum topped the daily new address rankings for much of May, the end of the month saw Base record remarkable growth. In fact, almost 742,000 new addresses were created on May 31 alone. Meanwhile, Blast performed best in terms of growth rate, up 39%.

On the other hand, Arbitrum was the leader in May in terms of newly created addresses, since its number amounted to 6.4 million.

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

Interestingly, Blast came out on top again in May, with its transactions increasing 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 were once again the best performers as their TVL appreciated the most.

ARB versus OP

While several L2s performed well last month, ARB and OP were among the few to consistently dominate the others. Therefore, it is also worth looking at their price actions.

For its part, the value of ARB jumped more than 8% last month. At press time, it was trading at $1.11 with a market cap of over $3.2 billion.

On the other hand, OP bears have dominated the market. According to CoinMarketCap, OP’s price has fallen 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 (OP) Price Prediction 2024-25

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

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

Source: Santiment

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