Arbitrum, a layer 2 scaling system, has recently surpassed BNB Chain in daily transactions, according to several reports. This circumstance is said to have contributed to the chain’s dominance as the leading layer 2 rollup. The chain was previously the fourth-largest blockchain in terms of total value locked.
According to data released by Arbiscan, a blockchain explorer, the number of daily transactions on the blockchain has increased from 159,919 on January 1 to over a million at the time the data was released. The data supports the claim that the number of daily transactions on Arbitrum increased by more than 590% in less than two months.
Etherscan, on the other hand, has released data indicating an increase in the number of daily transactions on Ethereum. According to the data, Ethereum’s daily transaction volume increased by 46% in the same time period as the data released by Arbiscan.
Furthermore, the number of unique addresses on Arbitrum’s network is said to have reached an all-time high of around 2.95 million. Plus, the total value locked has increased by 81% since the beginning of the year. The claim was based on data released by TVL aggregator DeFiLlama.
Arbitrum’s GMX Overtakes Ethereum
In the last few days, GMX, a decentralized perpetual exchange native to Arbitrum, has also surpassed Ethereum in terms of daily fees. Furthermore, the observed growing layer 2 ecosystems have served as an avenue for the emergence of many financial applications such as Camelot, Vela Exchange, and Radiant Capital. According to Nansen data, the aforementioned companies’ users and transactions increased by more than 100%.
Despite the reported increase in transactions and addresses, Arbitrum is still considered to be behind Ethereum in terms of network fees. According to reports, Ethereum’s one-day fees are currently $6.7 million. Arbitrum’s one-day fees, on the other hand, are around $154,000. The fees, according to Cryptofees.info, are 2.3% lower than Ethereum’s network fees.
Walter Teng, vice president of digital asset strategy at Fundstrat Global Advisors, has also linked increased Arbitrum activity to users’ hopes and speculations about an upcoming airdrop. He also stated that despite the lack of plans and announcements from developers, user interest in the potential airdrop remains high.