Journalist
Posted:
- Arbitrum has an average number of daily transactions of approximately 760,000.
- However, ARB was out of the $1 price range.
Arbitration [ARB] has become the leading Layer 2 (L2) network in terms of transaction volume over the past 30 days. However, despite high transaction numbers, the company has not yet secured a top position in fees.
Arbitrum leads in average daily transactions
AMBCrypto’s analysis of DefiLlamas The transaction graph showed an increase in the number of transactions in recent weeks. As a result, Arbitrum’s total number of transactions exceeded that of other L2 solutions.
Furthermore, a recent AMBCrypto report highlighted a daily number of transactions of over 2.8 million on Arbitrum. This marked the second highest transaction volume in blockchain history.
According to CryptoRankthe network has averaged approximately 760,000 daily transactions.
Additionally, DefiLlama’s chart showed an improvement in Total Value Locked (TVL) over the past 30 days. TVL at the time of this report was over $2.1 billion, with a noticeable upward trend.
In addition to transaction and TVL growth, there has also been an increase in the number of addresses on Arbitrum in recent weeks, although this has not yet reached the level of earlier in 2023.
Compare the TVL
AMBCrypto’s research into the Total Value Locked (TVL) rankings on L2 strokes showed that Arbitrum retained its dominance with the largest market share. This indicated that the network has the highest volume of liquidity, at over 51% at the time of this review.
A factor that contributed to this significant TVL market share was also its native token, ARB. The presence of this token facilitated liquidity on the network.
Interestingly, the second largest market share in terms of TVL belonged to Optimism [OP], with a share of 29%. Notably, Arbitrum, Optimism’s native sign, could also play a role in the latter’s quest to capture a significant portion of the TVL.
Read Arbitrums [ARB] Price prediction 2023-24
ARB rests at the key support level
Looking at the daily timeframe chart for Arbitrum indicated a recent downtrend over the past few days. Consequently, it fell below the $1 price level. At the time of writing, the price was trading around $0.99, reflecting a drop of over 2%.
The short-term moving average, shown by the yellow line, was acting as support around $0.97 at press time. However, a continued decline in value could cause the ARB to fall below this support level.
Source: TradingView
