The recent expansion of the Ethereum Layer 2 ecosystem has resulted in clear snapshots of how different L2 solutions—like Optimism, Arbitrum, and Base—are performing relative to one another.
And the snapshots are becoming clearer by the day, as incentives make some L2s more usable than others and internal dynamics boost or weigh down value propositions. Meanwhile, as with anything in crypto, the race is on. The competition for Layer 2s to assert themselves is intense.
On April 8, it was Optimism’s turn to shine, taking the number one spot among blockchain networks in terms of total value transferred. The network pushed across an eye-popping $410 million in value—nearly 40% of the value transferred across the major chains that day. Not only does this performance affirm Optimism’s growing role in the largely uncharted “L2 landscape,” but it also points to a pretty compelling use case for high-value transfers.
Besides the total moved value, Optimism was also at the top when it came to value per transaction, averaging 0.22 ETH per transfer. This metric indicates that not only are users trusting the chain for frequent activity, they’re also using it for transfers with some heft, which could suggest greater adoption by larger investors or protocols that operate at high throughput.
Arbitrum and Base Shine in Revenue and Profitability
While Optimism was the one grabbing the value spotlight, it was actually Arbitrum and Base pulling in record revenue streams from transaction fees over the weekend of April 6–7. Arbitrum racked up $500 million in transaction fees during those two days, while Base slightly outpaced it with $570 million. All of this surging revenue points to a sharp increase in user activity and on-chain interaction as folks head to the low-cost, high-speed environments that the L2s offer compared to Ethereum’s base layer.
When delving into the net profitability derived from transaction fees—termed L2 profit—the day of April 7 proved especially lucrative for Base. The chain brought in a net of 211 ETH in profit on that day, placing it ahead of Arbitrum, which scored a net profit of 170 ETH that same day. These earnings suggest that both networks are nearing a point of achieving sustainability through their own native activity.
1/ On April 8, @Optimism led all chains in value transferred:
$410M
That’s nearly 40% of all value moved across major chains in one day
Also topped in value per transaction: 0.22 ETH avg per transaction pic.twitter.com/4kNjHVCwmy
— Dune (@Dune) April 10, 2025
This metric is critical for the long-term profit potential of L2 ecosystems. As Ethereum pushes definitively toward a modular, scalable future, the L2s that can not only handle increased transaction throughput but also generate revenue from that level of business are likely to be important players in the infrastructure of the next Ethereum.
DEX Activity Diverges: Usage vs. Volume
When it comes to decentralized exchange activity, Layer 2 networks have clearly taken the lead from Ethereum in terms of transaction count. Usage of decentralized exchanges, measured by the number of transactions, has definitely shifted away from the Ethereum mainnet and toward the Layer 2s. Base, which is a Layer 2, leads the way, accounting for approximately 60% of all DEX transactions. Arbitrum, another Layer 2, follows with about 25%. Meanwhile, Ethereum itself accounts for just 7% of DEX transactions.
Nonetheless, the tale alters when one examines DEX volume instead of usage. Of the supposed $3 billion in daily DEX volume spread across various chains, Ethereum commands the vast majority—it accounts for around 60%. Base and Arbitrum contribute 20% and 15%, respectively. This variance between transaction count and transaction volume reveals an interesting phenomenon: while Layer 2s are seeing more transactions due to lower costs, the Layer 1 Ethereum mainnet is still the stage for executing the kinds of larger trades that really move the needle.
The different user profiles across layers highlight this divergence. Base and Arbitrum serve high-frequency, smaller-value trades because of their efficiency and cost-effectiveness. For high-value swaps, Ethereum is the chain of choice. It seems likely that deeper liquidity pools and more established protocol infrastructure on Ethereum are driving this.
A Fragmented Yet Flourishing L2 Landscape
Current trends in value transfers, transaction fees, profitability, and decentralized exchange usage all point toward the growing specialization of the Ethereum scaling ecosystem. Optimism has established itself as a go-to chain for large value transfers. Base has emerged as a near-daily powerhouse in user activity and net profitability. Arbitrum remains a strong contender across almost all metrics, offering a well-balanced mix of usage, fee generation, and developer support.
These developments portray a prospering and diversifying ecosystem of Layer 2s that is not only relieving pressure on the Ethereum mainnet but also innovating in its own right. Even if Ethereum maintains its dominance in high-value transactions and DEX volume, the momentum appears to be shifting toward a more fragmented model of L2 dominance—where multiple chains specialize in different aspects of user activity.
As Ethereum’s development advances, and L2s become more interconnected, it seems the very notion of a Layer 2 solution might become somewhat antiquated—almost as if it’s a bygone era in Ethereum’s infrastructure evolution. But before we get there (if we get there), these six L2s appear to be distinct players, serving somewhat different, and at times, overlapping, purposes in Ethereum’s overall development.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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