📝 Editor’s Note:

Welcome to OurNetwork's latest. In this issue we're covering Layer 2s with insights from the growthepie team, Reuben, surfquery, and Sandesh. Be on the lookout for the second installment of this two-part series next week.

– ON Editorial Team

Sector Update | Arbitrum | Abstract | Ink

• There are currently 102 Layer 2s (L2s) live, up 65% from last year, though the growth rate has cooled off in recent months. The rise in both the number of L2s and activity per L2 has enabled the Ethereum ecosystem to scale from hundreds of transactions per second to thousands, recently hitting over 3,500 collectively. Sub-cent fees, as low as <$0.0001, are redefining the industry. growthepie attempts to track and visualize these data points and more to help educate and broaden the community.

• The Ethereum ecosystem secures over 50% of all stablecoins. L2s are playing an increasingly large role for these typically dollar-pegged assets. The scaling solutions secure over $12.5B in stablecoins, which equates to 8.8% of Ethereum's stablecoin supply. L2s are also experiencing record-breaking daily stablecoin transactions reaching over 1M daily.

• L2 data availability costs are historically low at $0.04 per MB for both EigenDA and Celestia. Meanwhile, Ethereum blobs are practically free, with the new target blobs per block increasing by 100%. current progress: 4.21 per block, a 40% increase, well below the fee mechanism threshold of 6.

• Arbitrum is Ethereum's ultimate L2 scaling solution. Robinhood recently announced that it’s building on Arbitrum — adding to a string of upgrades including Timeboost (an express lane for transaction ordering), and Stylus (custom VMs). Meanwhile, Arbitrum's RWA landscape has been on a tear. July marked the fifth consecutive all-time high, with the combined market cap of over 15 tokenized assets nearing $316M. Spiko’s USTBL and EUTBL have surged 75% since June 1st, reaching $162M in total.

• $6.86B in organic stablecoin volume was transferred on Arbitrum this month. This makes up 39% of all organic stablecoin activity across EVM chains (excl. Ethereum), up from 36% previously. A growing share of real stablecoin usage is shifting towards Arbitrum One.

• Arbitrum leads peer-to-peer USDC volumes outside Ethereum, topping four of the past five months. Volume jumped to $11.6B in November (up from $4.2B in September), with market share rebounding to 30% after dipping to 20% in October (this excludes Hyperliquid bridge).

• Abstract is an L2 built on zkSync for consumer apps. Its main feature is the Abstract Global Wallet (AGW), a smart wallet with gas abstracted away for smoother app usage. Over 2.7M AGWs have initiated over 53M transactions (55% of network activity), with half using session keys for signless actions. Altogether, AGWs have processed $514M in outgoing volume.

• Gigaverse, an epic RPG on Abstract, has now crossed 412K trades from over 19K traders. Its Gigamarket saw 4 straight weeks of growth, with weekly trades soaring from 11.7K to 36.9K—up 215%. Weekly traders climbed from 2.6K to 4.2K, showing strong momentum heading into July.

• USDC volume on Myriad (prediction market) surged 1,648% in 14 days—from $26K to $449K daily. The 7-day average tripled to $103K. Over 12.9K trader actions were recorded, showing growing interest. The “Pumpfun dev” market alone drove $76K in volume, making it the week’s hottest prediction.

• On June 16, 2025, Ink Blockchain revealed the INK token and its planned airdrop. While full details are yet to be disclosed, the token won't feature governance over the tech but will focus on managing the treasury and community incentives. Despite the anticipation, user activity on the INK chain has remained nearly steady at 300k users. Active users (scoring between 2 and 4 out of 15, according to Flipside's methodology) continue to drive most of the engagement, but overall activity has seen minimal change.

• Transactions have been steadily increasing since the start of the year, indicating a positive growth trend. This upward momentum has continued post-airdrop announcement, which is particularly encouraging. Though the growth rate does remain steady which is potentially concerning.

• Total value locked (TVL) in the Ink ecosystem has experienced steady growth since the airdrop announcement, rising from $93M to $100M. This gradual rise highlights a growing confidence in the platform.