- The daily transactions on Arbitrum
have been showing a continuous downward trend since reaching an all-time high of 2.73 million on March 23rd.
- While the daily transactions on Arbitrum have been declining, there has been a steady increase in daily transactions completed on Optimism since early May.
- The DEX volume reached its peak on April 19th with 1.2 billion transactions. However, as of July 7th, this number has fallen below 300 million.
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Since its peak on March 23rd, daily transactions on Arbitrum have declined by 73%. The volume of Arbitrum transactions on DEXs has also seen a decrease of 78%.
Declining Daily Transactions on Arbitrum Network
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The cumulative unique address count on Arbitrum’s (ARB) Layer 2 (L2) platform recently surpassed the 9 million mark, but on-chain data indicates a decrease in daily transactions on the optimistic rollup network.
According to ArbiScan data, the total address count on Arbitrum was recorded as 9.67 million. According to the same data provider, the network has been experiencing a decline in daily transactions since the end of the first quarter. The daily transactions on Arbitrum have been showing a continuous downward trend since reaching an all-time high of 2.73 million on March 23rd. This amount has consistently decreased by over 50% throughout the second quarter.
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As of July 7th, the total number of daily transactions completed on Arbitrum was 742,667, marking a 73% decrease from the peak on March 23rd.
While daily transactions on Arbitrum have been declining, there has been a steady increase in daily transactions completed on Optimism since early May. According to the data provider, the 7-day moving average of daily transactions has increased by over 200%. As of July 6th, there were 484,710 transactions completed on Optimism.
Gains and Losses on Arbitrum
As additional context regarding the decline in daily transaction count on Arbitrum, an evaluation of the total volume of Arbitrum transactions completed through decentralized exchanges (DEXs) in the past few months showed a decline of 78% since mid-April.
According to the data, on-chain DEX volume reached its peak with 1.2 billion transactions on April 19th. However, as of July 7th, this number has fallen below 300 million. Despite the continuous decline in DEX activity, the total value locked (TVL) on Arbitrum has increased since the beginning of June. It should be noted that the TVL of L2 experienced a 20% decrease between May 6th and June 16th for a short period.
The Arbitrum TVL, which was $2.15 billion, increased by 8% after dropping to $1.99 billion on June 16th.
In terms of network fees and revenue, the daily fees paid for using Arbitrum have decreased by 44% in the past month. Interestingly, during the same period, the project’s revenue increased by 19%. While network fees have increased by 12% in the past year, revenue has decreased by almost 30%.