Arbitrum’s dominance was evidenced by the hike in its active addresses and transactions.
- Arbitrum active addresses registered figures of 900,000 for consecutive days ARB’s market trend has continued to fall though
Arbitrum is in the news today after it seemed to solidify its position and asserted itself in the Layer 2 ecosystem. It did so after maintaining a level of active addresses above a certain threshold, setting a new record for daily active addresses by doing so.
Additionally, its transaction count has seen a notable increase lately too. Despite these developments, however, the volume and price of its native token have remained relatively stable on the charts.
Arbitrum sets record for active addresses
An analysis of active addresses on Growthepie revealed that Arbitrum achieved a record number of active addresses on 15 May. The chart illustrated that the active addresses surpassed 972,000, setting a new record for the L2 network and all Layer 2 networks. Also, Arbitrum maintained an average of over 900,000 active addresses over the last seven days – another record.
At the time of writing, the network had registered over 786,000 active addresses in the last 24 hours. Base, the closest L2 competitor, noted just around 299,000 active addresses, highlighting Arbitrum’s significant influence.
Additionally, an analysis of the transaction count revealed that Arbitrum led other L2 networks with approximately 2.1 million transactions, at the time of writing. This hike in active addresses positively correlated with the rise in transaction count, demonstrating its dominance in the L2 space.
Arbitrum volume remains steady
Arbitrum has seen record activity regarding active addresses over the past few days. However, an analysis of its volume did not reveal any significant movements. In fact, data from DefiLlama revealed that there were no notable changes in L2 volume over the past seven days.
Nevertheless, the network recorded its highest volume within this timeframe in the last 24 hours, totaling around $483 million.
Source: DefiLlama
Additionally, Arbitrum’s Total Value Locked (TVL) saw a slight hike of over 1% in the last 24 hours.
According to data from L2 Beats, Arbitrum’s TVL surpassed $16 billion, at the time of writing, after climbing by over 1.2%.
ARB remains bearish
However, the momentum seen in Arbitrum’s active addresses and Total Value Locked (TVL) did not translate to its native token – ARB. In fact, an analysis of ARB on the daily timeframe chart revealed a downtrend since March.
Source: TradingView
– Realistic or not, here’s ARB’s market cap in BTC’s terms
According to the price range tool, ARB has fallen by approximately 55% since the downtrend began back then.
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