Ethereum’s Arbitrum Chain Records Over 5 Million Accounts and $5.797 Billion in Lockups Value

According to reports, according to the latest data from Dune Analytics, the total number of accounts created on the Ethereum Layer 2 network’s Arbitrum chain has exceeded 5 million, reaching 5.01 million at the time of writing. Among them, the total number of active accounts is 4.196 million, accounting for approximately 83.75%. In addition, the total value of the current Arbitrum chain lock is approximately $5.797 billion, and the total number of contracts created is approximately 2.03 million.

The total number of Arbitrum on chain accounts has exceeded 5 million

Cryptocurrencies have gained immense popularity in recent years, with Ethereum being one of the most widely used blockchain networks. It has opened the door to a new era of decentralized finance (DeFi) applications, leading to the introduction of various Layer 2 scaling solutions. One of the most prominent ones is the Arbitrum chain, which has recently hit a significant milestone by surpassing over 5 million accounts on its network. Here is a comprehensive breakdown of the latest data for the Arbitrum chain.

What is the Arbitrum Chain?

Before we delve into the latest data on the Arbitrum chain, let us first understand what it is. The Arbitrum chain is a Layer 2 scaling solution built on the Ethereum blockchain that aims to reduce fees and increase transaction speed. It operates as a second layer on top of the Ethereum mainnet, enabling developers to create decentralized applications (dApps) that are faster, cheaper, and more scalable. In simpler terms, it was built to enhance the Ethereum network’s capacity and make it more efficient.

The Latest Data from Dune Analytics

According to Dune Analytics, a platform that provides data analysis of Ethereum-based projects, the Arbitrum network has recorded over 5 million accounts as of September 2021. Furthermore, the total number of active accounts on the Arbitrum chain stands at 4.196 million, representing approximately 83.75% of all accounts created. These numbers indicate that the Arbitrum chain’s popularity is increasing daily, as more users leverage the benefits offered by the Layer 2 scaling solution.

The Total Value of the Current Arbitrum Chain Lockup

Aside from the number of accounts, the Arbitrum chain’s lockup value is also a crucial metric to consider. The total value of the current Arbitrum chain lockup is approximately $5.797 billion, indicating the high level of funds that users are willing to commit to this network. This amount is a sign of growing confidence among investors and users in the scalability of the network, increasing the likelihood of institutional investors’ involvement.

The Number of Contracts Created

Another essential metric to consider is the total number of contracts created on the Arbitrum chain. As of September 2021, the number of contracts on the network is approximately 2.03 million. By offering a more efficient, cost-effective, and faster dApp building capability, the Arbitrum chain serves as a better solution for developers in the DeFi space and beyond.

Conclusion

The Arbitrum chain has achieved a notable milestone by surpassing over 5 million accounts created, 4.196 million of which are active, and $5.797 billion in lockup value. The potential of the Arbitrum chain is evident in its rapid growth curve, which means it could experience even more growth in the coming months. Ethereum’s Layer 2 scaling solution’s increasing adoption bodes well for the entire blockchain and cryptocurrency industry, presenting more possibilities for investors and developers alike.

FAQs

1. What is the Arbitrum chain and how does it differ from other Layer 2 scaling solutions?
The Arbitrum chain is a Layer 2 scaling solution built on the Ethereum blockchain that enhances its capacity while making it more efficient by reducing fees and increasing transaction speed. It differs from other Layer 2 scaling solutions by using an Optimistic Rollup architecture, resulting in faster and more scalable transactions.
2. What are the benefits of using the Arbitrum chain?
The Arbitrum chain’s primary benefits include faster and more affordable transactions, scalability, and increased network capacity. It also enables developers to build more efficient and sophisticated dApps.
3. Is the Arbitrum chain a secure network?
Yes, the Arbitrum chain operates as a Layer 2 scaling solution that offers the same level of security as the Ethereum mainnet. It uses fraud-proof technology that guarantees the network’s integrity, making it safe for users to transact and store their digital assets.