Arbitrum’s Daily Transactions Hit New High, But Still Behind Rival L2 network
Based on data recorded on the Ethereum network's layer 2 (L2) platform, the number of daily transactions on Arbitrum reached a new all-time high of 690,000 on February 17th.
Nevertheless, this record is still behind its competitor L2 network, Optimism. Optimism had more than 800,000 daily transactions in early January when it rewarded users with an NFT Quest initiative. According to L2Beat data, transactions on Arbitrum’s Nova and One chains grew by 168.81% and 67.88% in the past week.
The total value of assets (TVL) locked on Arbitrum has increased to $3.32 billion as of press time, according to L2Beat data.
GMX is the leading derivatives platform on the network, with a TVL of $522.76 million, followed by Zyberswap and Uniswap.
Wu Blockchain reported that Arbitrum received a consistent inflow of stablecoins in February, with USDC’s inflow growing by 31% and USDT and DAI increasing by 45% and 68%, respectively.
On February 17, the number of transactions on the Ethereum L2 Arbitrum chain reached 690,000, a record high. Since February, the inflow of stablecoins on the Arbitrum has increased significantly. In the past month, USDC has increased by 31%, USDT +45%, DAI +68%. pic.twitter.com/9rukXKkZ0e
— Wu Blockchain (@WuBlockchain) February 18, 2023
According to DeFillama data, the total Arbitrum stablecoin market cap is $1.26 billion, with USDC accounting for 66% of it.
Furthermore, the previous week’s decentralized exchange (DEX) trading volume on the L2 network increased by over 22%, surpassing well-known rivals like Binance Smart Chain (BSC), Polygon, and others.
READ MORE: Bitcoin Positioned for “Big Move” – Here’s Why
Arbitrum’s DEX trading volume, which stood at $307.26 million, was higher than BSC’s $272.71 million and Polygon’s $159.15 million in the last 24 hours. However, it is still far behind the trading volume recorded on Ethereum’s mainnet, which is $1.14 billion.
Arbitrum’s gas usage has also risen due to increased network activity.
The number of active wallets on Arbitrum has increased, with 2.8 million addresses and 2.2 million making at least one transaction, according to Dune analytics data. Uniswap had the most trading volume on Arbitrum in the last 24 hours, with $132.19 million, followed by SushiSwap with $81.78 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
