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Arbitrum positively impacted by network ‘Gains,’ details inside

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Arbitrum positively impacted by network 'Gains,' more inside

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  • Gains DEX dominated in terms of Open Interest.
  • The number of transactions on the Arbitrum protocol declined after surpassing Ethereum.

Gains Network [GNS], a prominent DEX on the Arbitrum protocol, captured massive amounts of forex demand on 27 February. This helped the protocol have a large majority in terms of Open Interest.


Realistic or not, here’s GMX’s market cap in BTC’s terms


According to Dapp Radar, the volume on the Gains network increased by 39% over the last 24 hours as a result of the development. At press time, the volume on the protocol increased to $722,000. Coupled with that, the number of unique active wallets surged by 18.98% in the same period.

This high activity on the protocol added to the growing popularity of the Arbitrum network.

Source: Dapp Radar

Another reason for Arbitrum’s increasing popularity was the decreasing transaction fees for the users. Arbitrum provided a cheaper alternative to users, which made them choose this layer 2 solution over other protocols. This development also helped Arbitrum users make savings.

According to Dune Analytics’ data, Arbitrum users saved up to 94.5% of ETH by making transactions on the protocol.

Source: Dune Analytics

Due to the low fees offered by Arbitrum, the overall number of active addresses on the network saw an uptick. Over the past few days, the number of active users on the network increased from 273,230 to 441,260, according to Dune Analytics.

This helped Arbitrum’s number of transactions increase, which surpassed Ethereum’s daily transactions on 22 February. However, after Arbitrum surpassed that threshold, the number of transactions on the network plungedĀ from 1.093 million to 833,736 at press time.


How much are 1,10,100 GNS worth today?


Source: Arbiscan

A decline in Arbitrum transactions

Despite this decline in transactions, the overall revenue of Arbitrum increased by a staggering 124.1%. At press time, the overall revenue generated by the protocol was $337,616, as per Token Terminal.

The funds generated by Arbitrum could advance the protocols developments further. The number of active developers on the network increased by 3.9% over the last month. This indicated that new updates and upgrades on the Arbitrum network could be on their way, which could attract more users to the network.

Source: Token Terminal

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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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