Surge In On-Chain Activity For Arbitrum As Whales Intensify Trading
- $ARB tokens have a market cap of $1.7 billion and may experience high volatility.
- Prominent DeFi ecosystems like Uniswap V3 and AAVE V3 have launched on Arbitrum, and Sector Finance experienced considerable growth.
The Arbitrum network, which utilizes optimistic rollups to enable high throughput as an Ethereum layer 2 scaling solution, has captured the interest of cryptocurrency traders following its highly publicized airdrop.
As per the most recent market data, the daily trading volume for Arbitrum (ARB) on Friday was roughly $1,397,327,284. The token is currently being traded on various platforms, including Binance, OKX, Bybit, Bitrue, and BTCEX.
Moreover, it is worth noting that the $ARB tokens currently possess a market capitalization of around $1.7 billion, indicating that they may experience significant volatility in the upcoming weekend and weeks to come.
Defillama’s compiled data shows that the Arbitrum network ranks fourth in terms of total value locked, coming after Ethereum, Tron, and Binance. As of Friday, the network reported a total of $2.24 billion in locked value.
Meanwhile, prominent decentralized financial ecosystems such as Uniswap V3, Sushi, GMX, and AAVE V3 have already been launched on the Arbitrum chain. Additionally, web3 developers have introduced several DEXs, such as Camelot protocol, ZyberSwap, and Vela Exchange, on the network.
Earlier this month, Sector Finance was launched on Arbitrum, providing transparent risk analysis and real-yield market-neutral investment strategies. Since then, the project has experienced considerable growth. Within less than 24 hours after launch, the total value locked (TVL) surpassed $700,000, with most Vaults reaching full capacity. Since then, the TVL has continued to increase steadily, reaching a peak of over $3.0 million.
In addition, $ARB whale addresses have increased their trading activity, with an example being Amber transferring 11.2 million $ARB worth $15.8 million to OKX and Binance. The largest Arbitrum whale owns 9.94 million $ARB tokens worth $14 million. LookOnChain shared that more whales withdrawing $ARB tokens from centralized exchanges may cause price momentum during an expected altcoin rally.