- ARB tokens will be streamed to eligible community members on March 23.
- The total number of Layer-2 transactions reached a record.
Mediation, the popular Layer-2 solution, reported a strong increase in business activity on its network. According Doon’s AnalysisOn March 16, the number of daily transactions exceeded 14 lakhs.
The number of daily active users also exceeded 135,000, representing a jump of more than 50% from the previous week.
Such an uptrend was last seen at the end of February, during which Arbitrum achieved Pair Ethereum in daily transactions. However, business activity has slowed down significantly since then.
So what has changed on March 16?
Say hello to ARB!
The Arbitrum ecosystem announced the launch of its native token, ARB, whose speculations had been rife in the crypto space since the unprecedented rise in trading activity on the blockchain.
Arbitrum joins other Layer-2 solutions such as Optimism (OP) Launch of your governance token. Arbitrum said that it will distribute 12.75% of the tokens for the next airdrop community allocation that will take place on March 23. While 56% of the tokens will be owned by the community, 44% will be reserved for core investors and contributors.
Today, the Arbitrum Foundation is pleased to announce the release of DAO Governance for the Arbitrum One and Arbitrum Nova networks. $arb.
— Referee (💙,🧡) (@arbitrum) March 16, 2023
additional data from Doon’s Analysis it showed that approximately 625,143 addresses were eligible for airdrops. While 11.62% will be received as part of the user airdrop, 1.1% will go to DAOs operating in the Arbitrum ecosystem.
The launch of the governance token will allow holders to vote and propose changes regarding the Arbitrum One and Arbitrum Nova networks, marking Arbitrum’s transformation into a fully decentralized autonomous organization (DAO).
arbitration too published Recipient list and eligibility criteria for upcoming airdrops.
Layer 2 landscape gets a big boost
In line with expectations, according to a tweet by Colin Wu, the number of transactions on the network increased, which in turn brought the total number of Layer 2 transactions to a record high.
On March 16, the number of L2 transactions reached 1.546 million, a record for a single day, representing approximately 148% of Ethereum L1. The number of Arbitrum transactions has exceeded 1 million, after which funds can be withdrawn https://t.co/OyPP4zyd1b…
– Wu Blockchain (@WuBlockchain) March 17, 2023
On top of this, there was a significant jump in Arbitrum’s Total Value Locked (TVL). On an annual basis, TVL grew 86%, indicating confidence in the investor network.
Decentralized derivatives exchange GMX was dominated by more than 38% of Arbitrum’s TVL.
Source: Defilama
