- Arbitrum active targets registered figures of 900,000 for consecutive days
- However, ARB’s market trend has continued to decline
Arbitrum is in the news today after it appeared to solidify its position and assert itself in the Layer 2 ecosystem. This happened after the level of active addresses was maintained above a certain threshold, setting a new record for daily active addresses.
Moreover, the number of transactions has also increased remarkably in recent times. However, despite these developments, the volume and price of the original token have remained relatively stable on the charts.
Arbitrum sets record for active addresses
An analysis of active addresses on Growpie it turned out that Arbitrum achieved a record number of active addresses on May 15. The graph illustrated that the number of active addresses exceeded 972,000, setting a new record for the L2 network and all Layer 2 networks. Additionally, Arbitrum maintained an average of more than 900,000 active addresses over the past seven days – another record.
At the time of writing, the network had registered more than 786,000 active addresses in the past 24 hours. Base, the largest L2 competitor, only recorded about 299,000 active addresses, underscoring Arbitrum’s significant influence.
In addition, there is an analysis of the number of transactions revealed that Arbitrum led other L2 networks with approximately 2.1 million transactions at the time of writing. This increase in the number of active addresses correlated positively with the increase in the number of transactions, demonstrating its dominance in the L2 space.
The arbitrage volume remains stable
Arbitrum has seen record activity regarding active addresses in recent days. However, an analysis of the volume revealed no significant movements. In fact, data from DefiLlama showed that there were no notable changes in L2 volume over the past seven days.
Nevertheless, the network recorded the highest volume within this time frame over the past 24 hours, totaling approximately $483 million.
Source: DefiLlama
Furthermore, Arbitrum’s Total Value Locked (TVL) saw a slight increase of over 1% over the past 24 hours.
According to data from L2 strokesArbitrum’s TVL surpassed $16 billion at the time of writing, after rising more than 1.2%.
ARB remains bearish
However, the momentum seen in the active addresses of Arbitrum and Total Value Locked (TVL) did not translate into its native token – ARB. In fact, an analysis by the ARB on the daily timeframe chart showed that there has been a downward trend since March.
Source: TradingView
– Realistic or not, here is ARB’s market cap in BTC terms
According to the price range tool, the ARB has fallen by approximately 55% since the downtrend began back then.