October ‘24 Layer 2 Landscape Recap

The total value locked (TVL) across all Layer 2 (L2) networks saw a minor downtick of 4.1% month-on-month (MoM) in October, despite the $200 million liquidity injection from Scroll's airdrop. This indicates the broader downturn in token prices across the rest of the L2s in October.

Despite the cool-off in token prices, we are starting to see a resurgence in L2 activity, stemming mainly from Base and Arbitrum One, with a 42.6 million and 8.1 million increase in monthly transaction count, respectively. Gas expenditure saw a 46.0% increase this month from 250 ether to 365 ether, in tandem with the 16.8% MoM increase in monthly transactions. Additionally, L2 operator revenue has also seen a commensurate 61.1% MoM increase.