Connect with us
Active Currencies 14822
Market Cap $2,394,014,688,042.90
Bitcoin Share 50.66%
24h Market Cap Change $1.01

Arbitrum’s success could hit new highs thanks to this launch

2min Read

Arbitrum’s platform gains momentum with the launch of native USDC, paving the way for increased adoption. It dominates the market share with impressive TVL and ARB token gains.

Arbitrum Welcomes Native USDC On its Platform as it Dominates L2 Space

Share this article

  • Arbitrum sees the launch of native USDC on its platform.
  • Arbitrum dominates the L2 space with nearly 65% of the market share.

Arbitrum recently welcomed the arrival of a major stablecoin on its platform. Previously, users could only access the bridged version of this coin.

With this exciting development, one wonders if it will result in a surge of new users and greater adoption. Additionally, it would be interesting to know the current volume of stablecoins operating within the network.


– Is your portfolio green? Check out the Arbitrum Profit Calculator


Native USDC comes live on Arbitrum

On 8 June, Arbitrum made an exciting announcement regarding the launch of native USDC on its platform. This news was further supported by Circle, the developer of USDC, who confirmed that their native token was now live on the platform. As part of this development, plans were implemented to gradually replace the bridged version of USDC with the native version.

Circle officially issues native USDC and guarantees a 1:1 redemption for US dollars. In addition to the native version, there is a bridged form of USDC on Arbitrum called USDC.e, derived from Ethereum. It’s important to note that Circle does not issue USDC.e. Currently, it is the largest Layer 2 (L2) platform.

Current inflow and stablecoin market cap on Arbitrum

When examining the inflow metrics of Arbitrum on DefiLlama, it became evident that the platform had experienced increased cash flow this year. According to the chart, the highest point was observed around March, with an inflow exceeding $361 million and an outflow of approximately $102 million.

As of this writing, the inflow stood at nearly $19 million, accompanied by an outflow of over $14 million.

Arbitrum inflow and stablecoin marketcap

Source: DefiLlama

Furthermore, there had been a notable upward trend in the stablecoin market cap on Arbitrum this year, particularly in February. As of this writing, Arbitrum had a stablecoin market cap of approximately $1.85 billion, with a slight upward trajectory indicated on the chart.

TVL and ARB price trend

As per the latest data from L2 Beat, Arbitrum presently boasts an impressive Total Value Locked (TVL) of approximately $5.66 billion. This notable figure solidified its position as the market leader, capturing over 64.8% of the Layer 2 (L2) market share.


– How much are 1,10,100 ARBs worth today


Furthermore, the ARB token, associated with Arbitrum, had been experiencing a slight gain. As of this writing, the ARB token was trading at around $1.1 on the daily timeframe chart, indicating a gain of over 1%.

ARB/USD price move

Source: TradingView

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.