- Arbitrum saw growth across various fronts on its network.
- Starknet awarded old users by announcing token rewards.
The layer 2 sector has been ripe with competition as new entrants continued to enter the space increasingly. However, some L2 solutions were able to perform better than others.
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Competiton on the rise
For instance, Arbitrum[ARB] outperformed its competitors in the past month and saw improved sentiment last week. This led to a surge in liquidity.
It received a substantial $115.67 million in net deposits over the past week. Due to this Arbitrum surpassed both Optimism and zkSync in terms of inflows. This showed Arbitrum’s strong performance and growing market interest.
The past week showed variations in gas usage across different market sectors on Arbitrum. Derivatives recorded the highest gas consumption at $155.75k.
In second place, infrastructure accounted for $145.41k in gas usage, while decentralized exchanges (DEX) ranked third with $136.00k in gas consumption. These figures revealed sector-specific differences in activity and transaction costs on the Arbitrum network during this period.
Which market sectors on @arbitrum consumed the most gas in the past week?
1⃣ Derivatives, $155.75k
2⃣ Infrastructure, $145.41k
3⃣ Exchanges (DEX), $136.00k pic.twitter.com/Xx6kfSybAF— Token Terminal (@tokenterminal) October 30, 2023
Looking at DeFi
Due to these factors, Arbitrum remained dominant in the DeFi sect
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Author: Himalay Patel
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