- On-chain activity like user activity and transactions surged higher for Arbitrum.
- At the time of writing, ARB was down 7.82% over the past 24 hours.
Popular layer-2 (L2) rollup Arbitrum [ARB] has been on a roll since the launch of its native token in March. It recorded an uptick in most of its key performance indicators (KPIs), according to a report by on-chain analytics firm Nansen.
Nansen noted that unlike many of its predecessors who failed to sustain traction following their AirDrop, the largest Ethereum [ETH] scaling solution managed to buck the trend.
Realistic or not, here’s ARB’s market cap in BTC terms
Onwards and upwards for Arbitrum
As can be seen below, the number of users surged to a record level of more than 600,000. This was on the day of the AirDrop. However, the momentum carried forward since then. Furthermore, user activity comfortably surpassed the second-biggest ETH rollup, Optimism [OP], and was at par with Ethereum itself.
The transactional activity followed a similar trajectory with the count remaining higher than that of ETH for a good part of April.
Another factor that needed to be considered was network growth. The rate at which new users were entering the system consistently increased since the day of the AirDrop saw an all-time high (ATH) in new wallet creation. Just like previous metrics, this trajectory was comparable to that of ETH.
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Author: Suzuki Shillsalot
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