Bitaigen Research 
The five largest Ethereum‑market‑cap Layer 2 networks are Arbitrum, Base, Optimism, Blast and Mantle, together with their native tokens and key characteristics.
On July 2, ZKSync launched the Elastic Chain – an upgrade to the ZKSync 3.0 protocol. This upgrade enables the creation of interoperable ZK‑chain networks on top of the ZK Stack, analogous to a ZK‑version of Optimism’s Superchain and Arbitrum’s Orbit. BSCN reported that Lens Protocol plans to go live on ZKSync in the final quarter of 2024.
On September 4, the long‑awaited upgrade from MATIC to POL will be activated on the Polygon PoS network. POL will replace MATIC as the native gas‑and‑staking token for the PoS chain. DeFi protocols and dApps on Polygon PoS, Ethereum and zkEVM will update their infrastructure to support the POL token. Users who have staked MATIC on Ethereum to secure Polygon PoS will automatically have their MATIC converted to POL.
In this editorial we take an in‑depth look at the Layer 2 landscape on Ethereum, focusing on the sector’s core projects.
Since Arbitrum and Optimism entered the roll‑up race in 2021, dozens of networks have emerged, each employing a different approach to scaling Ethereum. According to data from L2BEAT, there are currently 63 active Layer 2 networks, with an additional 80 under development. The combined total value locked (TVL) across these networks is roughly $44 billion, and the top five networks alone account for more than 80 % of that TVL, making them the “whales” of Ethereum L2. This article provides a concise overview of the core attributes and ecosystem projects of those five dominant networks.
In this piece we systematically catalogue the five highest‑market‑cap Ethereum Layer 2 networks and their tokens, dissecting technical roadmaps, governance models and recent upgrades such as ZKSync 3.0 Elastic Chain and Polygon POL replacement, to help readers quickly grasp each project’s strengths, risks and emerging industry trends.
Overview of the Top‑Five Ethereum Layer 2 Projects by Market Cap and Their Tokens
1) Rank 5 – Mantle
Mantle sits at $1.37 billion in TVL (as of the time of writing). Launched in July 2023, the network aims to drive large‑scale adoption of decentralized‑governance technology. Over the past 30 days Mantle recorded 797 k active addresses and processed 13.59 million transactions. Mantle uses a layered architecture that separates transaction execution, consensus, settlement and data availability into distinct layers.
On the ecosystem side, Mantle received a $100 million USDC grant from BitDAO to launch a $200 million ecosystem fund for investing in local applications and technology partners. In addition, $300 million worth of liquidity in USDx, ETH, BTC and MNT supports projects in acquiring capital and boosting ecosystem activity. To celebrate its first anniversary, Mantle is conducting a commemorative NFT minting campaign.
2) Rank 4 – Blast
Blast L2 is an Optimistic Rollup that includes native ETH and stablecoin yield functionality. Users can earn yield on assets held on the network without needing to stake additional tokens or engage in yield‑farming. Blast’s TVL stands at $2.65 billion, with more than 860 k active addresses and 20.89 million transactions in the last 30 days.
By sharing gas revenue with dApp developers, Blast offers projects a flexible income‑distribution model, allowing them to retain earnings or subsidize users’ gas fees. The airdrop snapshot and token distribution were completed on June 26 2024; users have 30 days to claim. Beyond the airdrop, Blast recently shortened its bridging period from 14 days to 7 days, enabling faster cross‑chain asset transfers.
3) Rank 3 – Optimism
Optimism’s mainnet launched in December 2021 and is now the third‑largest Layer 2 solution in the Ethereum ecosystem, with a TVL of $6.77 billion. In the past 30 days the network saw 1.79 million active addresses and 14.21 million transactions. The Optimism Foundation not only builds the roll‑up but is also constructing an interconnected L2 ecosystem called Superchain.
A portion of Optimism’s transaction fees funds the “Retroactive Public Goods Funding” (RetroPGF) program, rewarding projects that contribute value to the ecosystem. Since its launch in 2023, 850 million OP tokens (20 % of the initial supply) have been allocated, with the first three rounds distributing 30 million OP tokens each; the protocol is now entering its fourth round. Prominent upper‑layer projects include Aave V3, Synthetic and Velodrome.
4) Rank 2 – Base
Base was introduced by Coinbase in 2023 and has experienced rapid growth. Its TVL has reached $7.27 billion, propelling it past most rivals to become the second‑largest Rollup. In the last 30 days, Base logged 9.55 million active addresses and 94.12 million transactions.
Base leverages Optimism’s OP Stack, incorporating fraud proofs, state commitments and other advanced security features to deliver a highly secure and decentralized Layer 2 solution. The network is also a key participant in the Optimism Superchain initiative. Mainstream projects such as Aave, Synthetix, Immutable X and Uniswap have all deployed on Base.
5) Rank 1 – Arbitrum
Arbitrum leads the Ethereum Rollup market, commanding roughly 40 % of the Layer 2 share. Over the past 30 days the network recorded 7.15 million active addresses and 62.13 million transactions.
Arbitrum is building a permissionless‑chain ecosystem called Arbitrum Orbit, similar to Optimism’s Superchain. Well‑known DeFi projects—including Uniswap, Aave, Ankr and OpenSea—are deployed on Arbitrum One. In August 2022, Arbitrum introduced Arbitrum Nova, which uses AnyTrust technology to achieve lower costs and higher throughput, making it especially suitable for high‑frequency dApps such as gaming, NFTs, tooling, node services and bridges.
Related Statistics
The total value locked across Layer 2 solutions has surpassed $40 billion!
Top ten projects by total value locked (TVL):
Project Details
1) Arbitrum
Top projects by TVL over the past seven days:
2) Optimism
Top projects by TVL over the past seven days:
3) zkSync
Top projects by TVL over the past seven days:
4) zkEVM
Top projects by TVL over the past seven days:
The above constitutes a complete overview of the five largest Ethereum Layer 2 networks and their associated tokens. For deeper research on Ethereum Layer 2 solutions, feel free to follow additional articles from Bitaigen.
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Related Reading
- MegaETH Real-Time Ethereum: Sub‑Millisecond L2 Scaling
- Base Chain Review: Coinbase’s Ethereum L2 on Optimism
- 以太坊与Rollup生态系统的长期趋势：ZK‑Rollup 与新一代虚拟机
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