Which L2s saw activity spike?

TLDR

Primary spikes this week were on Arbitrum (ARB) and Polygon (MATIC), with Arbitrum milestones and Polygons weekly network revenue strength highlighted in recent reports.

1. Arbitrum (ARB): activity and value secured milestones, plus stronger weekly revenue per a market note (milestones, market note).
2. Polygon (MATIC): network revenue up about 50% week over week, indicating a usage bump (market note).
3. Ethereum L2 settlement flow rose broadly, with mainnet records tied to L2 data capacity improvements (network activity record, analysis).

Deep Dive

1. Arbitrum Strength

Arbitrum reported crossing 2.1 billion lifetime transactions and about $20 billion in value secured, reinforcing a sustained demand trend for L2 settlement and DeFi activity.

1. The network highlighted scale and market share, pointing to broad activity growth on Arbitrum One (milestones).
2. Weekly network revenue data also showed Arbitrum improving versus peers, consistent with more on-chain usage flows (market note).

2. Polygon Revenue Bump

Polygon saw weekly network revenue up roughly 50 percent, suggesting a short-term activity spike across its ecosystem.

1. The same market roundup flagged Polygons revenue strength relative to other chains in the weeks snapshot (market note).
2. While Polygons L2 classification is debated, the observed revenue rise still reflects higher user and protocol activity during the period.

3. Broad L2 Settlement Tailwind

Ethereum mainnet hit record daily transactions with low fees as blob capacity and related upgrades improved L2 settlement economics, benefiting L2s such as Arbitrum, Optimism, and Base.

1. Mainnet processed a record 1.91 million transactions in a day while average fees stayed near $0.16, aligning with cheaper L2 settlement capacity (network activity record).
2. Reports attribute ETHs all-time high usage to L2s settling more data back to mainnet, reflecting a broad increase in L2 activity rather than a single-chain effect (analysis).

Conclusion

Arbitrum and Polygon showed the clearest activity spikes, while broader L2 settlement tailwinds on Ethereum supported usage across multiple L2s. The near-term driver appears to be improved mainnet capacity for L2 data and strong perps and DeFi flows on leading L2 ecosystems.