Ethereum Layer 2’s Arbitrum Chain Reaches 5 Million Accounts and $5.797 Billion Locked-In

According to reports, according to the latest data from Dune Analytics, the total number of accounts created on the Ethereum Layer 2 network’s Arbitrum chain has exceeded 5 million, reaching 5.01 million at the time of writing. Among them, the total number of active accounts is 4.196 million, accounting for approximately 83.75%. In addition, the total value of the current Arbitrum chain lock is approximately $5.797 billion, and the total number of contracts created is approximately 2.03 million.

The total number of Arbitrum on chain accounts has exceeded 5 million

In the world of cryptocurrency, one of the most popular and highly regarded blockchain networks is Ethereum. However, due to its high transaction fees and slow processing times, it has become increasingly difficult for users to engage on the platform. As a result, developers have been working to create more efficient solutions for users to utilize, and one of those solutions that has been gaining popularity is Ethereum Layer 2’s Arbitrum chain.

What is Ethereum Layer 2’s Arbitrum Chain?

Ethereum Layer 2’s Arbitrum chain is a highly-scalable and low-cost platform that is built on top of the Ethereum blockchain. The network runs on top of Ethereum, but uses its own sidechains to process transactions more efficiently. With Arbitrum, users can enjoy the benefits of the Ethereum blockchain without worrying about its high gas fees or slow processing times.

The Latest Figures on Arbitrum Chain

According to data from Dune Analytics, the total number of accounts created on the Ethereum Layer 2’s Arbitrum chain has exceeded 5 million, reaching 5.01 million at the time of writing. What’s more, the total number of active accounts on the network is 4.196 million, accounting for approximately 83.75% of all accounts created.
Furthermore, the total value of current Arbitrum chain lock is valued at approximately $5.797 billion, indicating the level of trust and interest put into the platform by its users.

Contracts on the Arbitrum Chain

The Arbitrum chain is not just limited to account creation and participation, but also provides the ability to create custom smart contracts. Currently, approximately 2.03 million contracts have been deployed on the network. This also denotes the popularity of the platform as a robust ecosystem for building and deploying decentralized applications.

Why Arbitrum Chain Is the Future of Cryptocurrency

The Arbitrum chain’s transaction fees are significantly lower than other major blockchain technology networks such as Bitcoin and Ethereum. It allows developers to build applications on top of the Ethereum network while avoiding the high transaction fees and congestion on the mainnet.
Not only that, Arbitrum chain is also highly scalable and can easily support a large number of users and transactions. These features make it highly attractive to developers and investors alike as a cost-effective alternative for users and scaling projects.
In conclusion, Ethereum Layer 2’s Arbitrum chain has shown significant progress since its inception, attracting millions of users and hundreds of millions of dollars in locked-in value. It is an impressive example of how the crypto industry continues to grow and innovate, offering solutions for users who are seeking better and more efficient ways to engage with decentralized finance.

FAQs

1. What is Ethereum Layer 2’s Arbitrum chain?

Ethereum Layer 2’s Arbitrum chain is a highly-scalable and low-cost platform that is built on top of the Ethereum blockchain.

2. Why is Arbitrum chain highly attractive to developers and investors?

Arbitrum chain is highly attractive to developers and investors because of its low transaction fees, scalability, and support to build decentralized applications.

3. What is the total number of accounts on the Arbitrum chain?

The total number of accounts on the Arbitrum chain has exceeded 5 million, with 4.196 million active accounts.