The total value of locked positions on the Arbitrum chain exceeded $5 billion, and the number of active accounts exceeded 3 million
According to reports, according to the latest data from Dune Analytics, the total value of the Ethereum Layer2 network Arbitrum on-chain lockup has exceeded $5 billion, reaching $5.034 billion at the time of writing. The total number of on-chain contracts created is 1844974, the total number of on-chain accounts created is 3.846 million (the number of active accounts is 3.078 million), and the total number of transactions reached 155 million. Historical data shows that the total lockup volume on the Arbitrum chain exceeded $3 billion on August 11, 2022, which means an increase of over 65% in the past July.
Interpretation of this information:
The Ethereum Layer2 network Arbitrum has continued to gain popularity in the crypto space, as the total value of its on-chain lockup has now exceeded $5 billion. Based on the latest data from Dune Analytics, the platform currently boasts 1,844,974 on-chain contracts and 3.846 million on-chain accounts, with 3.078 million active accounts. Additionally, the platform has processed a total of 155 million transactions.
The significant increase in the total lockup volume on the Arbitrum chain, which surpassed $3 billion in August, shows a remarkable 65% increase in the past month alone. The data suggests that more users are now relying on Ethereum Layer2 solutions for their transactions due to the rising gas fees of the main network.
This trend indicates a growing demand for Layer2 networks that provide scalability and faster transaction times while reducing the high fees on the Ethereum mainnet. The Arbitrum Layer2 network offers users a cheaper way to transact on the network with no fees and a more seamless user experience.
In conclusion, the adoption of Arbitrum on the Ethereum network continues to grow, and its usage is expected to increase in the coming months as more blockchain projects seek to leverage Ethereum’s Layer2 solutions. The success of Arbitrum proves that the Ethereum network can handle high throughput and significantly reduce gas fees to make blockchain applications more accessible to users.
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