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Ethereum Layer 2s Gain Popularity in Q1 2023, Alchemy Report Shows

According to a report by Alchemy, Ethereum layer 2s, such as Optimism, Arbitrum, and Polygon, saw an increase in popularity in Q1 2023. Users bridged over $635,000 worth of crypto assets to these networks in the first quarter, an increase of 44% over Q4 2022 and 518% over Q1 2022. The deployment of smart contracts related to layer 2s also increased by 160% when compared to Q1 2022, despite a 30% decrease relative to Q4 2022.

The report suggests that this increased activity may have been reinforced by successful airdrops from Optimism and Arbitrum. Downloads of Ethereum SDKs, such as Ethers.js and Web3.js, increased by 8% in Q1 2023 when compared to the previous quarter. MetaMask SDK downloads also increased each month of the first quarter. Ethereum layer 2s have been offered as a solution to Ethereum’s scalability problem, which has caused high gas fees since 2020.

Ethereum Ethereum $3,400.82
-0.69%
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