Arbitrum transaction volume is rising as DeFi actions increase

New data indicates that the volume of transactions on Arbitrum, an ether (ETH) layer-2 solution, has surpassed previous records, recording 690,000 transactions per day.

Arbitrum’s recent statistics on increased TVL and DeFi activity have reignited interest in the layer 2 ethereum solution. There is now a high possibility of the network developing a token.

According to recent data, the average daily transaction volume on ethereum’s L2 network Arbitrum surpassed 690,000 on Feb. 19. However, the stats fall behind chain L2 rival Optimism. The platform’s daily transaction volume shot up to an all-time high of over 800,000 when Optimism started rewarding its consumers with an NFT Quest program at the beginning of January.

However, the number of transactions made on Arbitrum networks Nova and One climbed by 170.22% and 68.89% in the previous week, according to data provided by L2Beat. However, there has been a noticeable increase in Arbitrum’s number of unique addresses in the past several months.

According to a post by Nansen, the L2 network has seen record levels of investment and the highest-ever share of transactions of $10,000 or more — also, a significant influx brought on by user speculations of a network airdrop.

Many rumors about the native token of the Arbitrum project’s development have persisted since the project’s inception. However, the L2 solution’s developers Offchain Labs have not mentioned anything about a token. The trading activities within the network have prompted investors to believe offchain will change its stance and create one.

Arbitrum’s DeFi activities increase

According to statistics given by Dune Analytics, the increased volume of transactions is favorably affecting the amount of money the Arbitrum network can make. The total value of assets {TVL} locked on Arbitrum has risen to $3.27 billion, per L2Beat statistics. The current TVL, according to data from DeFiLlama, is estimated to be around $1.8 billion. In February of that year, Arbitrum experienced a steady infusion of stablecoins, including USDT, USDC, and DAI. 

At this point, neither the launch date nor the distribution method for an Arbitrum token is known; it is just speculation.