September Layer 2 Landscape Recap

The on-chain activity on layer 2s (L2s) in September fell significantly across the board despite a generic rise in total value locked (TVL) for most L2s. The rise in TVLs was primarily due to the small rally in the broader crypto market. All L2s saw a decline in monthly transactions this month, a peculiar trend considering the notable price action. The fact that there are fewer on-chain users is generally a bearish sign. Considering how the hype for L2 airdrops has died down, the current levels of usage might prove to be more indicative of the typical adoption that L2s truly have.

As there were few significant on-chain activities in September, we will instead be focusing on the growth metrics of one of the newer L2s: Mantle Network.