DeFi liquidity has increased in tandem with transaction activity after Arbitrum announced the launch of its native ARB coin.
Arbitrum, a popular layer-2 rollup on the Ethereum network, has reached a remarkable milestone as it hit an all-time high in daily transactions and unique wallets interacting with the network.
According to Dune analytics, almost 240,000 unique wallets engaged with Arbitrum on March 21, almost twice the number seen in February 2023.
The network has been experiencing significant growth, with approximately 1.66 million and 1.56 million transactions taking place on March 21 and 22, respectively. During this same period, Arbitrum outpaced the Ethereum mainnet in transaction volume.
Arbitrum has more than 625,000 eligible addresses, making it one of the most popular rollups on the Ethereum network.
In light of the recent airdrop announcement, the network has experienced a substantial increase in DeFi liquidity, with DeFi Llama reporting a new peak of nearly $2 billion in total deposits on DeFi platforms on the network.
These impressive metrics signal a growing interest in Arbitrum, as more users recognize the network's potential to handle high transaction volumes and provide faster and cheaper transactions compared to the Ethereum mainnet.
As there’s not much data available as Arbitrum is launched recently. It's worth noting that ARB prices on all exchanges fluctuated dramatically after the airdrop, with prices reaching as high as $14 on ByBit.
Arbitrum (IOU) is now trading at $1.22 USD with a 24-hour trading volume of $25,292,616 USD. Arbitrum (IOU) has decreased by 77.80% in the previous 24 hours.
The current level of support as looked into the available chart on CoinMarketCap is at $7.0. In two days, it has shredded most of the value about 77% from its ATH which has been seen on Tuesday.
Twitter is full of experts who have already given their valuable opinions on the price of Arbitrum tokens. Analysts on Twitter anticipated that $ARB will hit $1, assuming a $10.5 billion $OP FDV, a 12% $ARB circulation, and a $1.6 billion TVL.
However, Silto forecasted a price range of $0.68 to $1.02 based on an equal market cap or FDV. When TVL is included, the figures may rise to $1.26 and $1.88, respectively.
Other than governance, there aren't many applications for $ARB coins currently. As a result, the Arbitrum Foundation's capacity to improve usefulness in the real world is critical to $ARB's future.
Arbitrum is a layer-2 scaling solution for the Ethereum blockchain network. It is intended to improve Ethereum transaction speed and scalability by offloading them to a distinct network layer, also known as a rollup.
You can use Arbitrum chains to accomplish anything you can do with Ethereum, such as run Web3 apps and install smart contracts, but your transactions will be cheaper and quicker. Arbitrum Rollup, the team's flagship project, is an Optimistic roll-up protocol with Ethereum-level security.
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