- Arbitrum recently passed the 9 million address mark.
- However, the number of daily transactions on the network is falling.
While the cumulative number of different addresses on Layer 2 (L2) platform Arbitrum [ARB] Recently crossed the 9 million mark, daily transactions on the optimistic rollup network dwindled, on-chain data revealed.
Realistic or not, here is ARB’s market cap in terms of BTC
As of July 7, the total number of addresses on Arbitrum was 9.67 million, by data source ArbiScan. Information from the same data provider showed that the network has been plagued by a drop in daily transactions since the end of the first quarter.
After reaching an all-time high of 2.73 million on March 23, the number of daily trades on Arbitrum has been on a downward trend ever since. In the second quarter, this fell consistently by more than 50%.
As of July 7, a total of 742,667 daily trades had been completed on Arbitrum, down 73% from the March 23 high.
Source: ArbiScan
While Arbitrum faced a shortfall in its day-to-day transactions, data from The block showed a steady increase in daily trades completed on Optimism [OP] since early May.
According to the data provider, the number of daily transactions from a 7-day moving average has increased by more than 200% since then. As of July 6, 484,710 transactions had been completed on Optimism.
Source: The Block
Some wins and some losses for Arbitrum
For additional context on Arbitrum’s drop in daily trades, a review of The total volume of Arbitrum’s transactions completed through on-chain decentralized exchanges (DEXs) over the past few months showed a decline of 78% since mid-April.
Per data from Artemis, on-chain DEX volume surged to a peak of 1.2 billion transactions on April 19. However, by July 7, this has fallen to less than 300 million.
However, despite the continued decline in DEX activity, Arbitrum’s total value locked (TVL) has been rising since early June. It is imperative to point out that between May 6 and June 16, the TVL of the L2 temporarily dropped by 20%.
Valued at $2.15 billion at press time, Arbitrum’s TVL is up 8% since its low of $1.99 on June 16.
Source: Artemis
Is your wallet green? Check out the Arbitrum Profit Calculator
With regard to network fees and revenue, data from Token terminal revealed a 44% drop in daily fees paid to use Arbitrum over the past month. Interestingly, the project’s revenue increased by 19% over the same period.
While network rates rose by 12% last year, revenues fell by nearly 30%.
Source: Token Terminal
