- Arbitrum’s protocol continued to see growth as net inflow on the protocol rose.
- Activity and revenue on the protocol surged, along with the price of ARB.
Over the past quarter, Arbitrum[ARB] has experienced continuous growth. The interest in the protocol started to surge following its token airdrop, and since then, both the token and the protocol have been steadily gaining heightened attention.
Realistic or not, here’s ARB’s market cap in BTC’s terms
Arbitrum steers clear of the competition
A clear indicator of the growing interest in Arbitrum was the increasing inflows observed on the protocol. Recent data highlighted Arbitrum’s prominent position in terms of inflows, outperforming other protocols. As of press time, the net inflow on the Arbitrum protocol amounted to $9.78 million.
Net liquidity flows by chain reveal L2s are still experiencing net inflows.
Both $ARB and $OP were the top gainers over the 24 hours. pic.twitter.com/GQNkmyDgIr
— Emperor Osmo? (@Flowslikeosmo) July 16, 2023
This surge in interest contributed to both activity and revenue generated on the Arbitrum protocol. Over the last week, the number of users on the protocol grew by 1.8%. Subsequently, the revenue generated by the Arbitrum protocol also observed a surge of 9.8% during this period due to the spike in activity.
Source: token terminal
Along with the protocol, the ARB token also saw green. After testing the $0.915 resistance level on the 15 June, ARB’s price appreciated 47.29%. The ARB token showcased higher highs and higher lows during this period, establishing a bullish trend. At press time, ARB was trading at $1.374.
The RSI indicator was at 63.69, suggesting that momentum was with the buyers. However, the CMF declined negatively during this period, showcasing a bearish divergence and implying that the money flow was with the sellers at press time. There may be a possibility that ARB may potentially witness a price correction before managing to retest the $1.374 level going forward.
Source: Trading View
Delving into the metaverse
The interest in both the protocol and the token could soon be heightened by the launch of ZepetoX (ZTX) on the Arbitrum protocol. ZTX aims to establish a virtual world where users can socialize, play games, and engage in governance and economics through the creation and sale of digital assets.
Is your portfolio green? Check out the Arbitrum Profit Calculator
The first beta version will be available soon, allowing users to explore and decorate their virtual land and homes with furniture items. Subsequent playable tests will introduce additional gameplay features like harvesting, trading, and crafting.
We are excited to announce that we will be launching on @Arbitrum – a leading provider & next-gen L2 scaling solution for Ethereum.
The integration will empower ZTX to create unmatched social interactions and scalable digital experiences for millions of users. pic.twitter.com/0SlTdnZSU5
— ZTX (@ZTXofficial) July 13, 2023
