Arbitrum: Here’s what could be the key to Ethereum L2’s organic growth

Arbitrum: Here’s what could be the key to Ethereum L2’s organic growth

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Ethereum L2s have experienced a resurgence after overcoming past bottoms. Arbitrum is heading this charge after the launch of the Nitro upgrade in September despite a hacking scare.

Fixing the last piece here

Arbitrum managed to possess the largest market share of TVL among L2s. According to l2beat.com, Arbitrum held over $2.50 billion in TVL with a 52.58% market share among other major L2s. The closest competitor stands to be Optimism with $1.55 billion locked in at a 29.05% market share.

Well, Arbitrum has witnessed consistent growth in its total value locked (TVL) since July. From a TVL at $601.72 million, Arbitrum has managed to progress to 935.29 million at press time.

Also, Arbitrum’s daily transaction chart too reiterated a bullish picture. According to the latest data, transaction count reached just under the 270k mark on Arbitrum.

What happens to be more surprising is that Arbitrum does not even have a native token, unlike other competitors. But this might just change now as Arbitrum’s $ARB token is expected to launch soon. 

Arbitrum’s $ARB token is expected to launch soon.

According to a research report by Bernstein published on 21st September. And with that said the early user airdrop is imminent…

🧵So here is an updated thread on:

• Updates

• 6 popular dApps to interact with and strategy.

— Airdrop Official🍥 (@its_airdrop) September 25, 2022

In fact, Arbitrum had the strongest user and transaction momentum among the leading blockchains, Bernstein (a wealth management firm)  said in a research report, and with that it stated, “the early user airdrop is imminent…”

Could the drop of a token help the platform? Well, it could, given the past especially, when Arbitrum’s Nitro launch was a success. Daily transactions surged to new all-time highs (breaking their September 2021 and July 2022 records and clocking in 318,777 transactions).

Meanwhile, on 20 September, OpenSea, a leading Web3 marketplace lent support to Arbitrum. A huge range of NFTs, such as dopex, smolverse, and Gmex blueberry club would be available for OpenSea users.

With this development, Arbitrum would get exposed to a large user base that OpenSea possessed. Ergo, helping with Arbitrum’s growth.

At present, Arbitrum does not have a native token. However, market participants may pursue two avenues to gain exposure to the network’s growth, GMX and Dopex.

Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master’s graduate in Accounting and Finance, Shubham’s writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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