Arbitrum's (ARB) token is trading around $0.568, showing a small price increase in the past 24 hours but experiencing a drop of over 9% in the past week. Its trading volume remains strong, with several exchanges like Binance and OKX seeing consistent activity​(Despite recent volatility, Arbitrum remains a leader among Layer 2 solutions, boasting the highest total value locked (TVL) among its competitors, with over $1.85 billion locked in DeFi protocols​ ARB is primarily used for governance within the Arbitrum ecosystem, allowing token holders to vote on network upgrades, treasury allocations, and other proposals​

From a broader market perspective, the overall sentiment around Layer 2 scaling solutions like Arbitrum has fluctuated, but long-term adoption is still expected as Ethereum scaling remains a key focus.