Since its generous airdrop, Arbitrum has seen its adoption skyrocket, which is why it’s worth looking at some statistics related to network activity. How is the evolution of this layer 2 of Ethereum?
How is the adoption of Arbitrum (ARB) evolving?
If Arbitrum One was born about two years ago now, its popularity has greatly increased in recent months, so much so that the network has become the first layer 2 of Ethereum in terms of total value locked (TVL).
In addition, this optimistic rollup even ranks fourth among decentralized finance (DeFi) blockchains on DefiLlama, with $2.19 billion in TVLhaving even briefly exceeded its all-time high (ATH) of November 2021:
Figure 2 — Arbitrum One Layer 2 TVL
On the other hand, the ARB tried to break above the $1.8 level this week, and trades at around $1.45 as of this writingdown 4.3% over 24 hours in response to the crypto market correction:
Figure 2 — ARB course in H4 data
Thus, the capitalization of the ARB amounts to 1.85 billion dollars, placing the asset in 36th place among cryptocurrencies, again at the forefront of layers 2 of Ethereum (ETH)if we exclude the special case of the Polygon (MATIC) sidechain.
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A growing number of users
As for its activity, the network observes a constant increase, and since the airdrop, the million daily transactions is easily exceeded :
Figure 3 — Daily transactions on Arbitrum One
This growing activity is felt even on the mainnet, since the smart contract responsible for relaying transactions on Ethereum consumes 3.71% of the gas over the last 24 hours with 247.80 ETHplacing him in 4th position in the ranking.
On the other hand, the number of addresses on Arbitrum One exceeded 5 million this monthbringing that number to more than 5.47 million today:
Figure 4 — Number of addresses created on Arbitrum One
Regarding the number of active users, a query made by the user Henrystats on Dune Analytics shows that the number of active addresses in weekly data also benefits from the positive effects of the airdrop, now exceeding 750,000 for a month.
This week is also the most active week, except for the airdrop, with 926,000 active users at the moment:
Figure 5 — Active addresses on Arbitrum One in weekly data
While the adoption of this optimistic rollup is on the rise, it testifies to the growing popularity of Ethereum scaling solutions. Alongside this, it will be interesting to keep an eye out for the zk rollups which seem to be getting more and more buzz at the moment, as different projects launch their mainnet.
👉 Also in the News — DEX aggregator 1inch rolls out on zkSync Era
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Sources: Arbiscan, TradingView, Dune Analytics
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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