Identifying the Most Active Ethereum L2 Chain Using On-Chain Data
The current Ethereum L2 landscape is a duopoly dominated by Base and Arbitrum. Base leads in transaction activity, while Arbitrum holds the top spot in locked capital (TVL/TVS). To determine which chain is most active, you need to cross-verify several key on-chain metrics rather than relying on a single indicator.
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Step 1: Check Total Value Secured (TVS) – Which chain secures the most assets
TVS (Total Value Secured) is a more accurate gauge of an L2's overall strength than TVL, as it counts the total value of assets bridged to the L2.
Open L2BEAT (l2beat.com/scaling/activity)
Look at the "Value Secured" ranking
Current landscape: Arbitrum ranks first, Base second, followed by Optimism and Linea, but the top four have a substantial lead over other competitors.
What counts as done: Be able to name the top three L2s by TVS right now.
Step 2: Check Daily Transaction Volume – Which chain is busiest
Transaction volume is the most intuitive measure of activity.
On L2BEAT or Dune Analytics, look up the daily transaction count for each L2
Focus on comparing Base and Arbitrum
Current landscape: Base dominates daily transaction volume absolutely, averaging more than 3 million transactions per day, far ahead of all competitors; Arbitrum exceeds 2 million daily transactions. Together these two chains account for over 60% of all L2 transaction volume. Analysis by MEXC also confirms that Base leads significantly, at around 11 million transactions per day.
What counts as done: Know the approximate daily transaction volume of Base and Arbitrum, and be aware that their combined share exceeds 60%.
Step 3: Check Blob Data Submissions – Identify the "silent but active" chains
After the Dencun upgrade, L2 transaction costs plummeted thanks to blob data. The number of blob submissions directly reflects real demand for transactions on the chain.
Search for "blob_data_inflow" dashboards on Dune Analytics
Check the blob submission rankings per L2
Current landscape: Base consistently ranks first, while World Chain (WLD) often sits in second place, even above Arbitrum. This indicates that although World Chain has a lean application ecosystem, specific use cases (identity verification, payments, etc.) generate steady on-chain demand.
What counts as done: Understand that blob data is an effective indicator of genuine L2 demand, and be able to name the top two L2s by blob submissions.
Step 4: Check Protocol Revenue and TVL – Which chain is earning and which is accumulating
Protocol revenue reflects an L2's ability to generate sustainable income from sequencer fees.
On Token Terminal or DefiLlama, review each L2's protocol revenue and TVL
Pay attention to the distinction between "high activity" and "strong earning power" – some chains have large transaction volumes yet negligible revenue
Current landscape:
Base dominates protocol revenue, earning far more each month than other L2s; Arbitrum ranks second at around $2 million per month
In terms of TVL: Base and Arbitrum together account for nearly 80% of all L2 TVL; all remaining L2s combined hold less than $2 billion
Over the past 24 hours, only the top seven L2s generated over $1,000 in protocol revenue; some chains make only double- or triple-digit dollars per day
What counts as done: Be able to differentiate between "highly active" chains and those that are "strong earners", and recognize the overwhelming dominance of Base and Arbitrum in both TVL and revenue.
Step 5: Beware of "Ghost Chains" – L2s with absurdly low transaction activity
Some L2s have sky-high funding valuations but barely any on-chain usage. Solana once ridiculed an L2 for having "only eight daily active users and 10 transactions per day" – an exaggeration, but it reflects the real struggle of certain L2s.
Judgment criteria:
TPS below 3: Linea and Starknet see TPS under 3; Scroll's TPS is just above 1; ZKsync and Blast fall below 1 TPS
For comparison, Ethereum mainnet TPS already exceeds those "low-activity" L2s
What counts as done: Be able to identify L2s whose TPS data is clearly below normal levels, and avoid being misled by a high FDV.
Common Misconceptions
"High TVL = Most Active": Arbitrum's TVL/TVS is higher than Base's, yet Base far exceeds Arbitrum in daily transactions and protocol revenue. They emphasize different strengths.
"High transaction volume = good ecosystem": Some L2s (like World Chain) show high blob submissions but have a lean application ecosystem, where activity is concentrated in specific scenarios rather than a comprehensive ecosystem.
"A new L2 that spikes at launch is the most active": Robinhood's L2 saw 193,000 daily active users and $563 million in DEX volume in its first week, but that was a short-term burst driven by memecoins, not long-term activity.
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Risk Reminders
The divergence among L2s has intensified since the Dencun upgrade: top chains (Base, Arbitrum) monopolize over 60% of transaction volume, while mid-tier L2s are trapped in a "volume growth without revenue" dilemma.
Liquidity is highly concentrated: Base and Arbitrum's DeFi TVL makes up over 70% of total L2 TVL; smaller chains lack sufficient liquidity to support complex applications.
Some L2s are sustaining activity through "crypto card" payment scenarios, but these are essentially survival tactics rather than breakthrough innovations.
Next step: Open L2BEAT and glance at the TVS ranking; then switch to Dune Analytics to check blob submission data; finally compare Base and Arbitrum's transaction volume and revenue. Spend 20 minutes going through these three dimensions and you'll have a clear picture of the current L2 activity landscape. No need to check daily – a weekly review is enough.
