In the crypto world, things move fast and change rapidly. Just a year ago, the number of daily active addresses on Arbitrum was 10,000.but according to a Report According to Coin98 Analytics, this number soared to 78,000 DAUs, a 780% year-over-year increase. This is a clear sign that the base volume of addresses has formed and is ready to develop decentralized applications (DApps) on the system.
Layer 2 Scaling Solutions #arbitration Daily active addresses increased by more than 780% @azcoinnews https://t.co/qBG6wme9uB
— Kyptos (@azcoinnews) February 24, 2023
Source: Coin98 Analytics
Arbitrum is Ethereum’s layer 2 scaling solution that addresses high gas fees and slow transaction times on the Ethereum network. According to recent data, Arbitrum has surpassed Ethereum in daily transaction volume with 1,093,187 transactions compared to the leading smart contract blockchain’s 1,080,839 transactions.
Source: Coin98 Analytics
But that’s not all. Over the past month, Arbitrum has seen the highest growth (+62.1%) among the top blockchains. Funds continue to flow into the Arbitrum ecosystem, with stablecoin flows recorded at $379 million in February 2023 (as of this writing). The total value of stablecoins available on the system is $1.34 billion.
Source: Coin98 Analytics
This is great news for the Arbitrum team and the entire crypto community. As more and more people realize the benefits of layer 2 solutions like Arbitrum, we can expect even more growth in the coming months and years. The scalability and speed offered by layer 2 solutions are critical to the mainstream adoption of cryptocurrencies and decentralized finance.
Source: Coin98 Analytics
All in all, the growth of Arbitrum is a clear indication that the crypto ecosystem is rapidly evolving and we can expect to see even more exciting developments in the near future.
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Ming Ying
according to Kyptos
