Layer 2 scaling solutions on Ethereum have been in the limelight as the DeFi activity in the market picks up considerably. Recently, on August 31, the leading Ethereum scaling solutions provider OffChain Labs announced opening up the Arbitrum One mainnet for the public.
But in a very short time, it has gained massive traction. As journalist Colin Wu explains, the Arbitrum network added over 17,000 unique addresses in a single day. As of now, the total unique addresses on Arbitrum have shot closer to 42,000 recently.
Furthermore, the daily transaction volume on the network has moved past $100,000 in just ten days of launch. This is like a more than 300% growth over the last week. The growth in daily transaction volume since the launch of Arbitrum One mainnet is more than 5x.
On the other hand, the total lock-up value on Arbitrum has also shot up significantly. Wu notes:
Trending Stories
The total lock-up value (TVL) of the Arbitrum network is approximately US$1.55 billion, an increase of 2,333% in the past seven days.
With this, Arbitrum has surpassed some of the popular Ethereum Bridges Avalanche Bridge, Solana Wormhole, Harmony Bridge etc. In terms of the TVL Arbitrum now ranks second to Polygon (MATIC).
Will Arbitrum Announce Its Native Token Soon?
There’s been a rumor going around about the Arbitrum native token. Well, there’s no official word from Arbitrum as of now where will its token come to the market. However, in its recent clarification, Arbitrum noted:
Reminder: there is no Arbitrum token. Anything claiming to be an official Arbitrum token is a scam.
However, it will be great to see an Arbitrum token in the market. the Polygon’s native crypto MATIC and seen a massive rally this year. With Arbitrum we can expect something similar if the developers launch the native crypto. To boost the DeFi activity further on Arbitrum, OffChain Labs has recently raised $120 million during the recent Series B funding round.
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- PlanB: Bitcoin (BTC) Is Creating A Bottom For The Next Bull Market
- Shiba Inu Holders Increase Amid Market Crash, But There’s A Catch
- LUNA Crash: South Korea Toughens Up Investigations Over Terra (LUNA) Crisis
- Avalanche (AVAX) Slumps 5% In Minutes On Fears Of Terra Dump
- Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
- Breaking: Luna Foundation Guard Member Says Terra Reserves En Route
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
