Crypto Arbitrum Challenges Ethereum Mainnet with 375.3 Million Transactions
In the dynamic crypto landscape, Arbitrum has emerged as a strong competitor to Ethereum, handling 375.3 million transactions in 2023, almost on par with Ethereum’s 383.1 million transactions on its mainnet. Layer 2 networks as a whole processed over 1.31 billion transactions in 2023, with Arbitrum accounting for 28.6% of these transactions on Ethereum. In the fourth quarter alone, transactions on Arbitrum grew by an impressive 93.8%, reaching 659.0 million. The growth was primarily driven by opBNB, which accounted for 47.6% of the transactions in Q4.
The Beginning of 2024 for Arbitrum: Increase in DEX Volume and Historical TVL
Arbitrum has started the new year with strong performance, surpassing other blockchains in terms of decentralized exchange (DEX) volume. On January 5th, the DEX volume on Arbitrum briefly surpassed that of Ethereum’s mainnet. This success can be attributed to the network’s affordable transaction fees, with an average fee of $0.26 compared to Ethereum’s average fee of over $5. The increase in DEX volume and network activities have also led to a peak in the total value locked (TVL), reaching an all-time high of $2.64 billion on January 12th.
Brief Focus on the Price of Arbitrum and the Upcoming Airdrop
Currently, the price of Arbitrum (ARB) is around $2.08 with a trading volume of $576,853,819.67 in the last 24 hours. While there has been a decrease of 3.32% in prices over the course of one day, there has been an increase of 3.94% in the last seven days. Arbitrum is conducting an airdrop of its native token, ARB, to incentivize users to explore the network and promote adoption. Users interested in participating in the airdrop must meet certain criteria, such as creating a bridge in Arbitrum One or Arbitrum Nova and conducting transactions with smart contracts.
Hot Take: Arbitrum Emerges as a Strong Competitor to Ethereum
Arbitrum’s performance in handling transactions and its increasing DEX volume demonstrate its potential as a strong competitor to Ethereum. With its affordable transaction fees and high network activities, Arbitrum offers an attractive alternative for crypto investors. The upcoming ARB airdrop further promotes adoption and user engagement with the network. While the recent cryptocurrency market downturn has affected the price of ARB, it has still outperformed the overall market decline. As we move further into 2024, it will be interesting to see how Arbitrum continues to challenge Ethereum’s dominance in the crypto space.
By
By
By
By
By
By