Optimism has experienced a rise in cross-chain transfers, while Base stands out in DEX transactions, as Ethereum continues a steady decline.
The DeFi landscape is undergoing significant transformations lately. Data from Dune analytics indicates that Optimism (OP) has achieved notable growth in cross-chain transfers. Concurrently, Base is at the forefront in DEX transactions and associated fees.
On April 8, traders transferred a total of $410 million in value on Optimism, which is a remarkable figure representing 40% of the total value across major chains for that day. Due to its interoperability, Optimism is increasingly favored for transferring liquidity among Ethereum’s layer-2 networks.
Optimism and Base’s Growth Depends on Interoperability
A fundamental aspect of Optimism’s success lies in its OP Stack, which is open-source. This enhances interoperability, allowing other networks to connect with it effortlessly. Base, built on the OP Stack, benefits immensely from this integration, along with other chains like Mantle, Worldcoin, and Celo.
Base is capitalizing on its connection with Optimism and is currently leading in DEX transactions and associated fees. Notably, 60% of all DeFi transactions now occur on Base, while Arbitrum accounts for roughly 25% of those transactions. In contrast, Ethereum (ETH) has seen a consistent decline, contributing only 7% of DEX transactions as of April 7.
As decentralized exchanges (DEXs) seek to compete with centralized counterparts, many are moving away from Ethereum, primarily due to its high gas fees. Since blockchains impose fees on each transaction, this shift also influences profitability. For instance, on April 7, Base collected 211 ETH in fees, with Arbitrum closely trailing at 170 ETH.
While Ethereum may not dominate the majority of DEX transactions any longer, it still leads in overall trading volume, commanding 60% of the daily DEX volume amounting to $3 billion. Base follows with 20%, while Arbitrum holds about 15% of the market.