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- Arbitrum accounted for over 50% of ETH’s whole transaction quantity throughout prime optimistic rollups.
- Arbitrum had the very best TVL amongst all ETH scaling options.
Regardless of the emergence of a number of Ethereum [ETH] scaling options prior to now 12 months, Arbitrum’s [ARB] dominance within the panorama has remained largely intact.
Arbitrum scales Ethereum and the way!
In keeping with on-chain analytics agency IntoTheBlock, the layer-2 (L2) blockchain accounted for over 50% of ETH’s whole transaction quantity throughout prime optimistic rollups, together with Optimism [OP] and Base.
Supply: IntoTheBlock
Nonetheless, it ought to be famous that within the broader L2 market, Arbitrum misplaced out its transaction dominance to zk rollup, zkSync Period.
In keeping with AMBCrypto’s examination of L2Beat information, Arbitrum clocked slightly over 24 million cumulative transactions prior to now month. This paled compared to zkSync Period’s 30-day tally of 41.3 million.
The numerous disparity in transaction numbers was as a result of distinction between the charges on the 2 scaling options. AMBCrypto seen by L2 Fees {that a} consumer needed to pay $0.14 on Arbitrum to ship ETH whereas the identical job might be carried out on zkSync Period at a 64% low cost.
Nonetheless, Arbitrum proponents specifically, and people of L2 usually, have pinned their hopes on the upcoming Dencun upgrade. The watershed technical transformation was anticipated to deliver a few 10x drop in L2 transaction charges.
L2 transaction charges are anticipated to drop by 10x from a present common of $0.23 due to the upcoming Ethereum Dancun improve. pic.twitter.com/9GuLgxky08
— IntoTheBlock (@intotheblock) February 10, 2024
Arbitrum outshines competitors in DeFi
Whereas Arbitrum trailed zkSync Period in community visitors, the previous was nonetheless the decentralized finance (DeFi) chief within the L2 ecosystem.
In keeping with AMBCrypto’s evaluation of Artemis information, Arbitrum had over $2.7 billion in whole worth locked as of this writing. This was head and shoulders above the competitors.
Fathom this – the mixed TVL of the subsequent three scaling options within the listing was nonetheless lower than Arbitrum’s tally.
Supply: Artemis
One other dominant facet of Arbitrum’s DeFi sport was the efficiency of its decentralized exchanges (DEXes). As seen from the graph above, Arbitrum has solidified its place as the highest L2 in DEX quantity.
The truth is, Arbitrum DEXes facilitated trades value over $1.7 billion over final week. In distinction, DEXs on Base and zkSync Period couldn’t even cross $300 million.
Practical or not, right here’s ARB’s market cap in BTC terms
ARB lifts 8.5% over the week
As of this writing, the native token ARB was buying and selling within the inexperienced, with weekly features of 8.5%, based on CoinMarketCap.
The leap in ARB worth might be simply sentiment-driven. As is well-known, ARB doesn’t accrue any worth from Arbitrum’s on-chain exercise and features simply as a governance token.
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