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Arbitrum breaks its own record, but what’s the reason for the same?

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Arbitrum breaks its own record, but what's the reason for the same?
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  • Arbitrum’s daily transactions reached a new all-time high.
  • Consequently, revenue generated by the platform increased.

Over the past few days, there has been an air of optimism in the crypto space. Arbitrum managed to cash in on this sentiment.

According to new data, Arbitrum has reached a new all-time high in terms of the number of transactions. The network logged in 690,000 daily transactions.

Source: Arbscan

One of the reasons for this spike in activity was the growing number of stablecoin inflow on the network. In the past month, the inflow for USDC increased by 31% and for USDT and DAI, it increased by 45% and 68% respectively.

During the same period, the network growth of these stablecoins also increased. However, DAI’s network growth was low compared to the other stablecoins.

DEX also played a role in increasing activity on Arbitrum. DEXes such as Trader Joe, witnessed a massive uptick in volume over the past few days.

A few key addresses

Even though the activity on Arbitrum increased, it is important to note that most of the addresses on the network have made less than 100 transactions.

21% of all the addresses have been one-time users. This implies that the majority of the activity on the network was carried out by a few key addresses.

Source: Dune Analytics

One of the reasons for the growing activity from these key addresses could be the amount of ETH that was being saved by using Arbitrum.

According to Dune Analytic’s data, the ETH saved by users on Arbitrum has increased marginally.

Source: Dune Analytics

As a result of all the aforementioned factors, the revenue generated by Arbitrum also went north. According to the token terminal, it increased by 76% in the last month.

Well, the revenue generated by Arbitrum could be put to good use by developing the overall network.

Lastly, the increasing number of daily active users on Arbitrum suggested that developers were working consistently to improve the layer 2 solution.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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