According to Blockscan data, its competitor Base has recorded 755 million transactions to date, while OP Mainnet has reached 347 million transactions.
Base, incubated by Coinbase, currently leads in daily transactions, with Arbitrum ranking second, according to The Block’s data dashboard.
According to DeFiLlama data, Arbitrum's total value locked (TVL) remains the highest among Layer 2 solutions, at $2.5 billion, followed by Base's $2.2 billion.
Developed by Offchain Labs, Arbitrum is a Layer 2 solution that uses optimistic rollup technology. It creates an off-chain computation network that enables faster and more cost-effective transactions while maintaining security from the Ethereum blockchain.
The “optimistic” aspect assumes transactions are valid by default, verifying them only if challenged. This reduces the computational load on the main Ethereum chain, leading to faster transaction processing and lower fees.
Arbitrum One features active fraud proofs and a security mechanism allowing transaction challenges. However, it is still in its stage one phase and has not yet transitioned to a fully permissionless state.
Offchain Labs operates different Layer 2 networks on Ethereum, each with its ecosystem. The first chain, Arbitrum One, serves as its flagship chain.
The second Layer 2 chain, Arbitrum Nova, uses the AnyTrust protocol. This network is an off-chain data availability layer for storing transaction data and scaling apps.
Offchain Labs released tooling for developers to launch their Layer 3 blockchains using the Orbit software stack in October 2023. Orbit enables developers to create their own chain by settling on either Arbitrum One or Nova.
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