Since the Nitro upgrade was activated in August 2022, both transaction volume and total value locked (TVL) of the layer-2 scaling solution Arbitrum on Ethereum has skyrocketed, surpassing other competitors. As DeFi Llama reported, Arbitrum’s TVL at the time of writing is 1.06 billion USD, accounting for 3.17% of Ethereum’s TVL of 33.34 billion USD. Arbitrum now ranks as the 6th largest smart contract chain by total value locked in the world.
According to Delphi Digital’s research, the number of transactions on Arbitrum has increased by 550% since August and now accounts for 62% of all transactions on Ethereum in the last week of October. Regular active users on this layer-2 last month also surged by 125% to an all-time high of 252,000 users.
Delphi also stated that its network activity spiking to new heights mainly for Arbitrum’s ARBI airdrop, which is rumored to be coming soon.
Although there is no token yet, Arbitrum is used by many leading projects on Ethereum, including Uniswap, Balancer, Aave, Curve, etc. In addition, there are also many projects built exclusively on Arbitrum, decentralized spot and perpetual exchange GMX for example.
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