- Arbitrum’s protocol continued to grow as net inflows on the protocol increased.
- Activity and revenue on the protocol increased along with the price of ARB.
About the past quarter, Arbitrum[ARB] has experienced continuous growth. Interest in the protocol started to rise after the token airdrop and since then both the token and the protocol have steadily gained more attention.
Realistic or not, here is ARB’s market cap in terms of BTC
Arbitrum stays clear of the competition
A clear indicator of the growing interest in Arbitrum was the increasing influx observed on the protocol. Recent data highlighted Arbitrum’s prominence in influx and outperformed other protocols. At the time of writing, net inflow on the Arbitrum protocol was $9.78 million.
Net liquidity flows by chain reveal that L2s are still experiencing net inflows.
Both $ARB And $OP were the top winners over the 24 hours. pic.twitter.com/GQNkmyDgIr
— Emperor Osmo
(@Flowslikeosmo) July 16, 2023
This increase in interest contributed to both the activity and revenue generated from the Arbitrum protocol. In the past week, the number of users of the protocol has grown by 1.8%. Subsequently, the revenue generated by the Arbitrum protocol during this period also saw a 9.8% increase due to the spike in activity.
Source: token terminal
Along with the protocol, the ARB token also saw green. After testing the resistance level of $0.915 on June 15, the price of ARB rose 47.29%. The ARB token showed higher highs and higher lows during this period, creating a bullish trend. At the time of writing, ARB was trading at $1,374.
The RSI indicator stood at 63.69, suggesting that the momentum was with the buyers. However, the CMF fell negative during this period, showing a bearish divergence and implying that the money flow was with the sellers at the time of writing. It is possible that ARB may witness a price correction before it manages to retest the $1,374 level in the future.
Source: Trade View
Dive into the metaverse
Interest in both the protocol and the token could soon be increased by the launch of ZepetoX (ZTX) on the Arbitrum protocol. ZTX aims to create a virtual world where users can socialize, play games, and engage in governance and economics through the creation and sale of digital assets.
Is your wallet green? Check out the Arbitrum Profit Calculator
The first beta version will be available soon, allowing users to explore and decorate their virtual lands and homes with furniture items. Subsequent playable tests introduce additional gameplay features such as harvesting, trading, and crafting.
We are excited to announce that we are launching @Arbitrum – a leading provider and next-gen L2 scaling solution for Ethereum.
The integration enables ZTX to create unparalleled social interactions and scalable digital experiences for millions of users. pic.twitter.com/0SlTdnZSU5
— ZTX (@ZTXofficial) July 13, 2023