Arbitrum, the largest Ethereum scaling solution by total value locked (TVL), is experiencing a surge in activity amid increased interest in the Ethereum ecosystem as the US Securities and Exchange Commission (SEC) is deciding whether to approve the first Ethereum spot exchange-traded fund (ETF).
According to data from growthepie, the number of active addresses on the layer 2 (L2) broke above the 1 million mark for the first time on May 18. The following day, it reached a new record high of over 1.1 million. Thanks to a steady increase in the number of users since the start of May, Arbitrum has surpassed Base and zkSync Era to take the leading position in terms of active users.
On May 19, transaction count on Arbitrum exceeded 3.4 million, which was the third-best day after mid-December 2023, when the daily number of transactions hit 5 million. Arbitrum’s 7-day average transaction count is at a record high, surpassing Base and Optimism.
Over the past month, the most active applications on Arbitrum have been decentralized exchange Uniswap, bridge solution LayerZero, and Xai, a Layer 3 chain for AAA gaming. Transactions involving USDT and USDC recorded the highest volumes.
TVL on Arbitrum has been recovering since the end of April. DefiLlama data shows that the L2 has attracted $3.1 billion worth of crypto, which is close to Arbitrum’s record set on March 13 at over $3.2 billion. The largest DeFi apps on Arbitrum are lending platform Aave, derivatives trading platform GMX, and Uniswap.
Arbitrum and other Ethereum L2s may experience a further increase in activity if the SEC approves the first Ethereum ETF, which may bring new inflows from institutional investors. As of this writing, the SEC discussions on the ETF approval have started, and the final result will be available in a few hours.
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The post Arbitrum’s Active Addresses Hit Record 1.1M appeared first on NFTgators .