Weekly fundamentals – Blockchains (L2)

📊 New listings

Aperture – a non-custodial DeFi exchange protocol built on Manta Pacific. Manta Pacific is an Ethereum-based L2 rollup deployed on the OP stack, leveraging Celestia for data availability.

• As of today, Aperture serves over 32K monthly active users and has generated $393M in cumulative trading volume since September '23. Aperture is currently responsible for the vast majority of total trading volume across DEXs on Manta Pacific.
• Aperture offers LP's advanced automation features and is pioneering the concept of 'Intents' in DeFi. Intents allow users to declare transactional goals for solvers to competitively fulfil, enhancing efficiency.

👓 Insights from Token Terminal research

The amount of daily active users (DAU) on L2 blockchains has increased over 8x within a year (from ~100K to ~800K). The increased adoption of L2 blockchains stems from improvements in transaction speed and lower transaction fees, which lead to better end-user UX. We anticipate that this trend will persist throughout '24, as new teams and existing applications want to scale out their product or service.

A year ago, the only operational L2 blockchains tracked by Token Terminal were Arbitrum, OP Mainnet, and Starknet. Today, their DAUs are up 168%, 351%, and 927%, respectively.

Over the past year, we've witnessed three new notable entrants to the L2 blockchain landscape: zkSync Era, Base, and Manta Pacific.

zkSync Era had the most transactions (42M) and the lowest average transaction fees ($0.14) over the past 30 days. In contrast, Starknet had 10x fewer transactions (4M), but almost 3x higher average transaction fees ($0.42). To better understand the reason for the difference, we’d need to look at a breakdown of the transaction types for each.

The sharp increase in transaction fees on Base was primarily fueled by growing interest in Farcaster. The rollout of the ‘sufficiently decentralized social network’s’ new feature Frames attracted user attention and catalyzed speculative trading activity (memecoins). The number of transactions on Base grew by 72.6% in the past 30d period to a total of 11.27M transactions.

📣 Insights from our community

Data-driven insights from analysts using Token Terminal PRO

Explore Terminal Pro: https://tokenterminal.com/product/pro

Explore the Terminal: https://tokenterminal.com/terminal

The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.