As the DeFi excitement in the market ramps up, layer two scaling techniques on Ethereum have been in the spotlight. OffChain Labs, a prominent Ethereum scaling solutions company, has revealed the public launch of the Arbitrum One mainnet on August 31.

Furthermore, it has gathered a lot of traction in a short period. The Arbitrum network acquired almost 17,000 unique addresses in a given day, according to writer Colin Wu. The overall number of unique addresses on Arbitrum has lately risen to almost 42,000.

In just ten days since its inception, the network’s daily transaction volume has surpassed $100,000. This is a 300 percent increase in the previous week. Since the Arbitrum One mainnet was released, the daily transaction volume has increased by over five times.

The overall lock-up value of Arbitrum, on the other hand, has increased substantially. Wu observes:

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.

Arbitrum has now overtaken Avalanche Bridge, Solana Wormhole, Harmony Bridge, and other well-known Ethereum Bridges. In addition, Arbitrum currently ranks second to Polygon in terms of TVL (MATIC).

Can Arbitrum’s Native Token Be Announced Soon?

A rumor regarding the Arbitrum native token has been emerging. However, there is no official announcement from Arbitrum about when its token would be available on the market. Arbitrum, on the other hand, recently clarified:

Reminder: there is no Arbitrum token. Anything claiming to be an official Arbitrum token is a scam.

Nevertheless, seeing an Arbitrum token on the market would be fantastic. MATIC, Polygon’s native cryptocurrency, has witnessed a huge rise in value this year. If the creators of Arbitrum release the native cryptocurrency, we may expect this sort of thing. OffChain Labs has secured $120 million in a Series B investment round to expand DeFi activity on Arbitrum further.

LEAVE A REPLY

Please enter your comment!
Please enter your name here