By Curtis Dye
According to CryptoLark, a cryptocurrency investor and a wealth educator, there has been a significant increase in the amount of activity on the Arbitrum network, which is the primary Ethereum Layer-2 scaling solution.
Arbitrum beats Ethereum
This has made it possible for the layer-2 scaling solution to beat Ethereum in the daily transaction volume recorded on February 21st, which was 1.1 million transactions. Ethereum, on the other hand, reported 1.08 million transactions during the same time period.
In addition to that, according to data provided by DefiLlama, Arbitrum recorded a weekly volume of $2.7 billion during the most recent week. A day high for the network was also reached by the cryptocurrency network Arbitrum on February 16, when a total of $502.22 million was seen traveling through multiple decentralized exchanges (DEX).
As a direct result of this development, Arbitrum has climbed to the position of being the second most active blockchain over the course of the last week. Ethereum is the only cryptocurrency that has a larger seven-day volume than any other cryptocurrency, totaling $13.17 billion.
Active addresses also increased
On Monday, Arbitrum also succeeded in establishing a new benchmark for the number of active addresses that have ever been registered on the platform. There are now 117,798 active addresses interacting with a range of apps on the decentralized platform Arbitrum.
According to DefiLlama, Arbitrum is ranked third in market capitalization after Ethereum ($10.33 billion) and Binance Smart Chain ($3.14 billion), with a total value locked (TVL) of $1.18 billion.
In conclusion, the current price of Ethereum on the market is $1,649.98, representing a loss of 3.01% over the last 24 hours. According to the statistics provided by Coinmarketcap, the cryptocurrency Ethereum has attained a current market cap of $201,914,186,806 and has a circulating supply of 122,373,866 ETH tokens.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.