The number of daily transactions on the Arbitrum, the fourth-largest blockchain overall in terms of total value locked (TVL), jumped from 159,919 in daily transactions on Jan. 1 to over 1,103,398
On Tuesday, February 21, layer 2 scaling system Arbitrum exceeded Ethereum in daily transactions, raising Arbitrum’s dominance as the leading layer 2 rollup.
The number of daily transactions on the Arbitrum, the fourth-biggest blockchain overall in terms of total value locked (TVL), climbed from 159,919 in daily transactions on January 1 to more than 1,103,398 at one time, representing a nearly 590 per cent rise in less than two months, as per block explorer Arbiscan.
In comparison, the number of daily transactions on Ethereum rose just 46 per cent during the same period to 1,084,290, according to Etherscan.
In addition, the number of unique addresses on Arbitrum’s network has hit an all-time peak of nearly 2.95 million, and data from TVL aggregator DeFiLlama shows that Arbitrum’s total value locked climbed 81 per cent since January 1 to nearly $1.85 billion.
Arbitrum’s move ahead of Ethereum comes after GMX, a decentralized perpetual exchange native to Arbitrum, surpassing Ethereum in daily fees during the last week. The growing layer 2 ecosystem has also seen a number of financial applications come up such as Camelot, Vela Exchange and Radiant Capital, which have all seen their users and transactions rise by more than 100 per cent during the past 24 hours, according to Nansen data.
In spite of Arbitrum’s uplift in transactions and addresses, Arbitrum is still falling behind Ethereum in terms of network fees.
At one time, Ethereum’s one-day fees stand at $6.7 million, while Arbitrum’s one-day fees sit at nearly $154,000, which is less than 2.3 per cent of Ethereum’s network fees for the day, as per cryptofees.info.
The heightened activity on Arbitrum may stem from users hoping and speculating about a possible Arbitrum airdrop, in spite of the lack of plans and announcements from Arbitrum developers about a possible token drop, as per Walter Teng, VP of digital asset strategy at Fundstrat Global Advisors.
