- Arbitrum just flipped Ethereum’s daily transactions.
- The layer-2 scaling solution had 1.1M against 1.08M transactions for Ethereum.
- It set a record for the most active addresses ever recorded in the platform’s history.
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.
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).
Because of this, Arbitrum has risen to become the second most active blockchain over the course of the past seven days. The only cryptocurrency that has a higher seven-day volume is Ethereum, which has $13.17 billion.
On Monday, Arbitrum also set a new record for the most active addresses ever recorded in the platform’s history. On the decentralized platform Arbitrum, there are presently 117,798 active addresses that are engaging with a variety of applications.
According to DefiLlama, Arbitrum has a total value locked (TVL) of $1.18 billion, placing it third after Ethereum ($10.33 billion) and Binance Smart Chain ($3.14 billion) in terms of market capitalization.
In conclusion, Ethereum is currently trading at $1,649.98 down 3.01% in the last 24 hours. A current market cap of $201,914,186,806 has been reached and it has a circulating supply of 122,373,866 ETH coins according to Coinmarketcap data.
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