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Daily active users surpass Solana, Arbitrum becomes the biggest beneficiary of Dencun upgrade?
Original article by Ryan Celaj, DLNews
Original compilation: Luccy, BlockBeats
Editor's note: After the Dencun upgrade, the Transaction Cost drop on the second tier Blockchain Ethereum increased by up to 99%. Among them, Arbitrum reached a new high in daily active users and total volume on Monday, surpassing Solana. However, the total value, volume and coin price of encryption assets on Arbitrum are all falling, DLNews reporter Ryan Celaj analyzed the data, and the original text is compiled as follows:
With Money Laundering at its lowest level in Ethereum long years, Arbitrum, a layer-2 network built on top of Ethereum, has seen an all-time high in activity.
On Monday, Arbitrum's daily active Address surged to an all-time high of 856, 000, rise 150% from the 341, 000 recorded in early May. This surge has brought Arbitrum to more than Solana's 833, 000 daily active users, although Solana has recently gained popularity due to the memecoin trading frenzy.
This happened with the Dencun upgrade Ethereum on March 15, which Ethereum up to 99% of the Transaction Cost drop on the second layer Blockchain.
Arbitrum's Daily Active Address and Number of Transactions (Growthepie)
In the week before the upgrade, the number of transactions on Arbitrum was just 747, 000, and in the week after the upgrade, that number jumped to 1.5 million before reaching a high on Monday.
Arbitrum DAO also recently unveiled its plans to invest 35 million ARB Token in stable, liquid assets. This has led to the launch of potential products by longest companies, including heavyweight Franklin Templeton, a trillion-dollar asset manager, and Securitize, the company that helped BlackRock tokenize its assets.
Despite these significant developments, the total value of encryption assets on Arbitrum has fallen 22% from its all-time high of $20 billion on April 1 to $15.7 billion. VOLUME on Arbitrum's DEX exchange has fallen 82% from its March 4 high of $2.2 billion to $404 million. Arbitrum's governance token ARB is also underperforming in price.
ARB Daily Token Price
ARB hit an all-time high of $2.26 on January 11 and approached again on March 7 at $2.17. However, the Token has fallen 58% since January and is currently trading at $0.94. At the same time, Ethereum pumped about 10% over the same period.
One reason for the ARB price lag may be the massive Token unlocking carried out by Offchain Labs, the development team behind Arbitrum, and its investors. On March 15, about $1.2 billion worth of ARB Token was unlocked and distributed to these groups, and the Token were locked up for a year.
Still, Arbitrum remains the preferred Tier 2 Blockchain for overall bridge Ethereum. According to data as of April 28, just over 1.7 million Ether coin were moved to Arbitrum, while Arbitrum's 14 largest Tier 2 competitors saw only about 1.5 million Ether coin bridge to their Blockchain.
Link to original article