Arbitrum stands out as a powerhouse in the Layer 2 (L2) ecosystem, consistently processing the majority of L2 transaction volume, often exceeding 60% of the total daily L2 volume, as reported by Intotheblock data.
Arbitrum generally processes the majority of L2 transaction volume, frequently reaching more than 60% of the total daily L2 volume.
More L2 insights: https://t.co/7K38CErPdv pic.twitter.com/5o0CfVWs7V— IntoTheBlock (@intotheblock) January 29, 2024
The recent weekly recap data from Arbitrum highlights its significant presence in the market, boasting a Total Value Locked (TVL) of 4.2 billion dollars, an average daily transaction volume of 900,000, and a cumulative address count of 16.9 million.
ARBITRUM WEEKLY RECAP
🚀 Another weekly review, and yet, @arbitrum continues its journey towards expansion.
🥳 Based on data on @DefiLlama & @coingecko :
✅ TVL > 4B
✅ AVG daily transactions > 900k
✅ Highest price reached 1.89$💥 There is a slight uplift in holders and… pic.twitter.com/kQsI6ZHi5O
— Arbitrum Insider (💙,🧡) (@arbinsider) January 30, 2024
One standout project on Arbitrum during the week was $GMX, leading both in TVL and Revenue with impressive figures of $818.1 million and $1.6 million, respectively.
More Significant Arbitrum $ARB Withdrawals To Watch
Spotonchain’s on-chain reports shed light on recent activities involving the Arbitrum Foundation multisign 0xd6c, which deposited 15 million $ARB ($27.5 million) to Coinbase at $1.83.
Shortly thereafter, six new wallets withdrew a total of 14.9 million $ARB from the centralized exchange.
The @arbitrum Foundation multisign 0xd6c deposited 15M $ARB ($27.5M) to #Coinbase at $1.83 ~6hrs ago.
Then shortly afterward, six fresh wallets withdrew a total of 14.9M $ARB from the CEX.
Was this an OTC deal? 🤔
For more updates on $ARB, follow @spotonchain and turn on your… pic.twitter.com/4tj6y716He
— Spot On Chain (@spotonchain) January 30, 2024
Speculation suggests that the Arbitrum Foundation’s deposit might have been intended for Over-The-Counter (OTC) transactions. Despite these movements, Arbitrum’s native token, $ARB, currently trades at $1.9, reflecting a 4% gain in the past 24 hours.
The robust performance and activity on Arbitrum underscore its growing importance and adoption within the broader blockchain ecosystem.
As Layer 2 solutions continue to play a pivotal role in addressing scalability challenges and enhancing blockchain functionality, Arbitrum’s prominence in facilitating efficient and secure transactions remains evident.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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