Today marked a slight resurgence for Arbitrum as it reclaimed its $1 trading price, following a recent downturn where it lost up to 30% in value over the past 30 days.
Despite this setback, Arbitrum continues to maintain its position as the third-leading Layer 2 cryptocurrency by development activity, as revealed by data from Santiment feed.
According to insights from coin98analytics, Arbitrum showcased its resilience throughout April, maintaining its lead with the highest daily bridge deposits among Layer 2 solutions. Impressively, the network averaged over $10.5 billion in bridge deposits per day, showcasing robust activity and user engagement within the ecosystem.
3. Bridge Deposits
Throughout April, #Arbitrum maintained its lead with the highest daily bridge deposits among #Layer2 solutions, averaging over $10.5B per day
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— Coin98 Analytics (@Coin98Analytics) May 2, 2024
While Arbitrum experienced a decrease of over $371 million in Total Value Locked (TVL), Base, another prominent Layer 2 solution, saw a noteworthy 24% month-over-month increase, accumulating over $284 million in TVL.
2. TVL Growth
While #Arbitrum experienced a decrease of over $371M in TVL, #Base saw a 24% MoM increase with over $284M#Mode and #Linea witnessed a doubling in TVL
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— Coin98 Analytics (@Coin98Analytics) May 2, 2024
Arbitrum ARB Comes Third In Terms Of Total Address
In terms of total addresses, Arbitrum secured the third position in April, with a substantial user base of 22.3 million addresses. This places Arbitrum behind Optimism and Base, indicating a strong community presence and adoption of the platform.
I. Addresses
1. Total Addresses by Chain
Top 3 #Layer2 with the highest total addresses in April:#Optimism: 138M#Base: 71.9M#Arbitrum: 22.3M
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— Coin98 Analytics (@Coin98Analytics) May 2, 2024
Furthermore, Arbitrum ranked third in daily transactions per second (TPS) this month, trailing behind OpBNB and Base. This demonstrates the network’s capability to handle a significant volume of transactions efficiently, contributing to its overall utility and value proposition within the Layer 2 ecosystem.
Overall, Arbitrum’s recovery to $1, coupled with its impressive development activity and user metrics, underscores its resilience and potential for growth in the evolving landscape of decentralized finance (DeFi). As the platform continues to enhance its infrastructure and attract more users, Arbitrum remains a key player in driving innovation and scalability within the crypto space.
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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