Layer 2 scaling solutions on Ethereum have been in the spotlight as the market’s DeFi activity has increased significantly. OffChain Labs, a leading Ethereum scaling solutions provider, recently announced the public launch of the Arbitrum One mainnet on August 31.
However, it has gained enormous traction in a very short period of time. According to journalist Colin Wu, the Arbitrum network added more than 17,000 unique addresses in a single day. Arbitrum’s total number of unique addresses has recently surpassed 42,000.
Furthermore, the network’s daily transaction volume has surpassed $100,000 in just ten days of operation. This represents a more than 300 percent increase in the last week. The daily transaction volume has increased by more than 5x since the launch of the Arbitrum One mainnet.
The total lock-up value on Arbitrum, on the other hand, has increased significantly. Wu makes the following observation:
The Arbitrum network’s total lock-up value (TVL) is approximately US$1.55 billion, an increase of 2,333 percent in the last seven days.
Arbitrum has now surpassed some of the most popular Ethereum Bridges, including Avalanche Bridge, Solana Wormhole, Harmony Bridge, and others. Arbitrum now ranks second to Polygon in terms of TVL (MATIC).
Will Arbitrum Launch Its Native Token Anytime Soon?
The Arbitrum native token has been the subject of a rumor. As of now, there has been no official word from Arbitrum about where its token will be available for purchase. Arbitrum, on the other hand, recently clarified:
Please keep in mind that there is no Arbitrum token. Anything that claims to be an official Arbitrum token is a forgery.
However, seeing an Arbitrum token on the market will be fantastic. MATIC, Polygon’s native cryptocurrency, has seen a massive rally this year. If the developers launch the native crypto, we can expect something similar with Arbitrum. OffChain Labs recently raised $120 million in a Series B funding round to boost DeFi activity on Arbitrum even further.