Arbitrum: crypto activity is on the rise – The Cryptonomist
Arbitrum has seen an increase in crypto activity on its protocol, thanks in part to increased demand for currency from the DEX Gains Network (GNS). Additionally, users of Ethereum’s Layer 2 appear to have saved 94.5% on transaction fees.
Arbitrum: increase in activity in crypto, DeFi and on DEX Gains Network (GNS)
Arbitrum’s budding DeFi ecosystem starting to attract established projects from other blockchains. Gains Network is one such project (originally distributed on Polygon).
Gains Network is a large DEX (decentralized exchange) also built on the Arbitrum protocol which recorded huge amounts of currency demand on 27 February. This contributed to Arbitrum having a large majority in terms of open interest.
gTrade off @GainsNetwork_io has become the first crypto project to capture sustained demand for the currency, accounting for the majority of open interest. pic.twitter.com/YTQNNmImrM
— Delphi Digital (@Delphi_Digital) 27 February 2023
The reported increases led Arbitrum is said to be the fourth largest DeFi system with over $2 billion TVL.
Gains Network also turns out to be fourth DeFi project with the highest protocol gain in crypto in the last 6 months.
Not only that, Gains Network itself revealed that over the past seven days has The BTC/USD pair has been the most traded on the Arbitrum blockchainwith a volume of 203 million dollars.
In the last 7 days:
💸 $GBP / USD was the most synthetically traded pair on @0xPolygon with $49 million in volume.
📈 $BTC / USD was the most traded @Arbitrum pair with $203 million in volume.
Diversity of assets in the chain. Only on gTrade. 🤝🍏
— Gains Network 🍏 (@GainsNetwork_io) 1 March 2023
Not only that, in the last 24 hours the volume on Gains Network increased by 113.4%, reaching USD 1 million, according to data on Dapp Radar. The number of active unique wallets is also up 17.28% from yesterday alone.
Arbitrum and the reduction in user fees
Another peculiarity of this Ethereum Layer 2 protocol, Arbitrationis it in addition to scales the reference blockchain, it offers users low transaction fees.
And indeed, according to data from Dune Analytics, Arbitrum users have saved up to 94.5% ETH by trading on the protocol.
Not only that, thanks to the low fees offered by Arbitrum, the total number of active addresses on the network has increased. In recent days, the number of active users on the network has increased from 273,230 to 441,260, according to Dune Analytics.
This ability to pay low fees also caused Arbitrums number of daily transactions to be exceeded Ethereumis February 22. However, this was a fluke, as the number began to decline.
OpenSea and the new support for Arbitrum NFTs
Recently there was some big news also on the NFT front for Arbitrum: new support from the most popular NFT marketplace, OpenSea.
The thing is that even here, Layer-2 continues to provide NFTs at a lower cost, becoming the cheaper alternative to Ethereum.
With this collaboration OpenSea also becomes a member of the Data Availability Committee (DAC)the decentralized organization that aims to help expand Arbitrum’s data infrastructure. That organization already has other members of the likes of Google Cloud, Reddit, P2P, Consensys and QuickNode.
