Since its generous airdrop, Arbitrum has seen its adoption skyrocket, so it’s worth looking at some statistics on network activity. How is this Ethereum layer 2 doing
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How is the adoption of Arbitrum (ARB) evolving
While Arbitrum One has been around for about two years now, its popularity has grown greatly in recent months, to the point where it has become Ethereum’s top layer 2 in terms of total locked value (TVL).
Moreover, this optimistic rollup even ranks fourth among decentralised finance blockchains (DeFi) on DefiLlama, with $2.19 billion in TVL, having even briefly surpassed its all-time high (ATH) of November 2021:
Figure 1 – Arbitrum One layer 2 TVL
Meanwhile, the ARB has been trying to break above the $1.8 level this week, and is trading at around $1.45 at the time of writing, down 4.3% over 24 hours in response to the crypto market correction:
Figure 2 – ARB price in H4 data
As a result, ARB’s capitalisation stands at $1.85 billion, placing the asset 36th among cryptocurrencies, again leading Ethereum Layers 2 (ETH), if we exclude the special case of the Polygon sidechain (MATIC).
A growing number of users
In terms of activity, the network has seen a steady rise, and since the airdrop, the million daily transactions mark has easily been passed:
Figure 3 – Daily transactions on Arbitrum One
This increasing activity is felt even on the main network, as the smart contract in charge of relaying Ethereum transactions consumes 3.71% of the gas over the last 24 hours with 247.80 ETH, placing it in 4th position in the ranking.
On the other hand, the number of addresses on Arbitrum One has surpassed 5 million this month, bringing the number to over 5.47 million today:
Figure 4 – Number of addresses created on Arbitrum One
Regarding the number of active users, a query by user Henrystats on Dune shows that the number of active addresses in weekly data is also benefiting from the positive impact of airdrop, now exceeding 750,000 over the past month.
This week is also the most active week outside of airdrop, with 926,000 active users so far:
Figure 5 – Active addresses on Arbitrum One in weekly data
As the adoption of this optimistic rollup is growing, it is a testament to the growing popularity of Ethereum scaling solutions. Alongside this, it will be interesting to keep an eye on zk rollups which seem to be getting more and more talked about at the moment, as various projects launch their mainnet.
