According to The Block, the transaction volume of Optimism, an Ethereum-based Layer 2 scaling protocol, significantly surpassed that of Arbitrum for the first time since December, after both protocols had been on a steady upward trend since early 2022. In addition, GMX, a decentralized derivatives exchange built on Arbitrum, has seen a 30% drop in trading volume since December 10, but Synthetix, a perpetual contract exchange on Optimism, has seen an increase in trading volume since around December 20 .