In the world of cryptocurrency, things move fast and change quickly. Just a year ago, the number of daily active addresses on Arbitrum was only 10,000. But according to a new report by Coin98 Analytics, that number has skyrocketed to 78,000 DAU, an increase of 780% over the same period last year. This is a clear indication that the basic number of addresses has formed and is ready for the development of decentralized applications (DApps) on the system.
Arbitrum is a Layer 2 scaling solution for Ethereum that aims to solve the high gas fees and slow transaction times on the Ethereum network. And it seems to be working. According to recent data, Arbitrum has surpassed Ethereum in daily transactions, with 1,093,187 transactions compared to Ethereum’s 1,080,839 transactions.
But that’s not all. Over the past month, Arbitrum has experienced the most growth (+62.1%) among the top blockchains. Money is flowing continuously into the Arbitrum ecosystem, with the amount of stablecoin flowing in February 2023 recorded at $379M (at the time of writing). The total value of stablecoins available on this system is at $1.34B.
This is great news for the Arbitrum team and for the cryptocurrency community as a whole. As more people become aware of the benefits of Layer 2 solutions like Arbitrum, we can expect to see even more growth in the coming months and years. The scalability and speed that Layer 2 solutions provide are crucial for the mainstream adoption of cryptocurrencies and decentralized finance (DeFi).
In conclusion, the rise of Arbitrum is a clear indication that the cryptocurrency ecosystem is evolving rapidly, and we can expect to see even more exciting developments in the near future. As a reporter, I will continue to follow this story and keep my readers updated on the latest developments in the world of cryptocurrency.
Read more:
- Arbitrum’s DEX Trading Volume Soars To New Heights On Ethereum L2 Network
- Ethereum’s Available Coins On Exchanges Drop By 37% Since Merge, Despite Recent Price Decline