- Optimism’s active addresses and number of holders surpassed those of Arbitrum.
- While Arbitrum led the NFT traction, OP held it with social dominance.
If two contenders for a medal, the competition goes between Optimism [OP] And arbitration [ARB] has been fiery. Usually Arbitrum has emerged as the winner, but now it seems that the former does not give up to give in to the other Ethereum [ETH] L2 scale solution.
Realistic or not, here it is OP’s market cap in ARB terms
One reason for this is how Optimism’s active addresses grew in June. According to an on-chain insight platform, Optimism’s monthly unique addresses are up 20% in the past month.
Active addresses @optimismFND are starting to catch up with Arbitrum, with the network seeing nearly 20% growth in monthly unique addresses last month pic.twitter.com/PIuHLMVXwE
— Nansen
(@nansen_ai) July 19, 2023
OP gains traction
For context, the active addresses of a chain show the entire activity on the network. And this includes the implementation of smart contracts, interaction with decentralized applications (dApps) and regular exchange of tokens.
However, this does not mean that Arbitrum was stagnant, but Optimism’s growth in the past month was way ahead of it.
When considering the network growth, Santiment showed that both projects have not had an impressive month. Regardless, Optimism’s network growth was 970, while Arbitrum’s remained flat at 461 at the time of writing.
This suggests that Optimism had many more new addresses in the ecosystem than the traction Arbitrum.
Source: Sentiment
In terms of social dominance, it was a similar case of OP’s supremacy. Social dominance is measured by looking at the percentage of discussions about an asset compared to other cryptocurrencies.
At the time of writing, Optimism’s social dominance was 2.54% compared to Arbitrum’s at 1.05%. So this difference suggests that the hype around Arbitrum had died down, while Optimims seem to be getting a much larger share of the attention.
Source: Sentiment
ARB NFT Traders Lead, But OP Holders…
Another metric to consider when addressing the status of these bullish rollups is NFT volume. First, before the full launch of the Mainnet, one of the ways Arbitrum quickly gained acceptance was by allowing NFT Transactions on its network.
Despite already reduced volume, Arbitrum’s NFT volume rose to $18.36 million on June 28. In the same month, optimism also recorded some highs. However, the total number of NFT transactions did not reach Arbtitrum’s peak.
Source: Sentiment
The data above suggests that most NFT traders are still inclined towards Arbitrum collections than the opposite number. Interestingly, there has also been a change in the number of holders from OP and ARB.
Is your wallet green? Check the Optimism Profit Calculator
Previously, ARB could boast of having more holders. But at the time of writing, on-chain data showed that the total number of holders of OP was 892,000. On the other hand, ARB had 722,000 holders despite its growth.
Source: Sentiment
In conclusion, Optimsim’s recent growth across the board is putting pressure on Arbitrum. While this is not a confirmation of a winner however, between the two, it means competition could get heated in the future.
