Original Title: "What Is The Most Profitable L2?"
Original Author: Delphi Digital
Original Translation: Kxp, BlockBeats
By monitoring metrics such as transaction volume, total locked value, security costs, and final profits, we can see a clear upward trend in the demand for L2 block space.
Without a doubt, the airdrops of OP and ARB are helpful in promoting the activity growth of their respective networks. However, the sustained usage and growth have proven that this is not just a temporary trend.
In addition, with the launch of zkSync's mainnet (Era) last month, along with its expected upcoming airdrop, zkSync has also witnessed a surge in activity. In fact, zkSync Era now has the third highest L2 TVL (260 million US dollars) on Ethereum.
Therefore, among the top 3 L2s based on TVL (Arbitrum, Optimism, and zkSync), which one is the most profitable? To find the answer, we only need to calculate the difference between the fee income and the security cost of L1 call data (plus the verification cost of zkrollup).
In the past 12 months, Arbitrum's net profit was approximately 5200 ETH, which is 80% higher than Optimism. Considering that zkSync Era has just been launched, it is not reasonable to include it in the comparison, but as a reference, zk has generated about 50 ETH in profit since its launch.
Therefore, from the perspective of raw profits, Arbitrum is clearly more advantageous than Optimism. But is this only the result of increased trading volume? Yes and no.
Although Arbitrum's profits are 80% higher than Optimism's, it only has 54% of the trading volume and 28% of the revenue growth. In short, Arbitrum has lower transaction costs, which leads to less revenue per transaction. The real answer lies in L1 security costs, with Arbitrum only 20% higher than Optimism in terms of security costs. Calculated per transaction, the fee paid by Optimism for L1 call data is almost twice that of Arbitrum.
The demand for Rollup will continue to grow. As the L2 ecosystem continues to develop, its profitability indicators will also increase. Currently, Arbitrum has a stronger profit potential compared to Optimism and zkSync due to its higher throughput and lower security costs.
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