The Layer-2 network Arbitrum One has reached a significant milestone, processing over 1 billion transactions in just three years. However, despite this impressive achievement, Arbitrum still lags behind its competitor, Base, in terms of daily transaction volume.
According to data from The Block, as of September 30, 2024, Arbitrum One handled 1.7 million transactions per day, securing the second spot among all L2 solutions. The first place is firmly held by Base—a protocol developed by Coinbase—which boasts a record-breaking 4.99 million daily transactions. In third place is OP Mainnet, with 765,910 daily transactions.
State of the Network and TVL Dynamics
The Total Value Locked (TVL) in the Arbitrum One network is currently estimated at $2.5 billion, according to DeFiLlama. However, this figure has seen a significant decline: since the end of July 2024, TVL has dropped by over $700 million, indicating a downturn in activity and a potential capital outflow from the ecosystem.
Despite this, Arbitrum One remains in the top 5 Layer-2 networks by TVL, maintaining a solid position in the market. A notable surge in network activity was recorded in June 2024, when transaction volumes and collected fees skyrocketed due to a surge in participation in the paid token claim event of the LayerZero protocol.
Looking Ahead
Although Arbitrum One continues to hold its place among the leading L2 networks, its future growth will depend on its ability to withstand increasing competition, especially from major players like Base. Finding new growth drivers and expanding the ecosystem could help the network maintain its standing and attract new users, boosting its overall TVL in the long term.
Info: incrypted.