- Arbitrum, a leading Ethereum Layer 2 solution, recently set a new record for daily active addresses, surpassing 400,000 for the first time.
- Despite this milestone, other metrics such as transaction count and volume have not seen significant movement, indicating that this development has yet to impact these aspects.
- Furthermore, despite the positive developments in various metrics, the price of ARB has remained on a downward trajectory.
Arbitrum sets a new record for daily active addresses, but the price of ARB remains bearish. Despite leading in Total Value Locked (TVL), Arbitrum lags behind in transaction count and volume.
Arbitrum Sets Active Address Record
According to data from GrowthePie, Arbitrum recently set a new record for daily active addresses. On the 8th of May, the Ethereum Layer 2 network saw its daily active addresses surge to 432,531. This was the first time in its history that it had seen such a volume of daily active addresses. What’s particularly noteworthy about this data is that Arbitrum also had the highest number of daily active addresses among other Layer 2 platforms on the same day.
Arbitrum Leads in TVL but Lags in Transaction Count
Despite the surge in active addresses, there was no significant movement in Arbitrum’s volume over the last 24 hours. Data from DefiLlama indicated that the volume remained at $510.78 million on 8th May. Furthermore, there was no noticeable impact on its Total Value Locked (TVL) at the time of writing. Nevertheless, according to data from L2 Beats, it continued to maintain the largest TVL among other Layer 2 networks. Its TVL was around $16.6 billion as of this writing.
ARB’s Negative Trend Continues
Despite the positive developments in various metrics, the enthusiasm did not translate into a significant movement in the price of ARB. According to AMBCrypto’s analysis of ARB’s daily trend, it has remained on a downward trajectory. Although there was a minor uptick observed on the 8th of May, amounting to less than 1%, the overall trend has been bearish. As of this writing, ARB was trading at around $1.01, reflecting a decline of around 0.7%. Also, the Relative Strength Index (RSI) indicated that ARB was entrenched in a strong bearish trend.
Conclusion
In conclusion, while Arbitrum has achieved a new milestone in daily active addresses, this development has yet to impact other metrics such as transaction count and volume. Furthermore, despite these positive developments, the price of ARB remains bearish. It remains to be seen how these trends will evolve in the future.
