With the extensive publicity surrounding its airdrop, cryptocurrency traders have shown increased interest in the Arbitrum network. Optimistic rollups are used on the network as a scaling solution for Ethereum’s layer 2, which enables high throughput.
According to the latest market statistics, on Friday, the daily trading volume of Arbitrum (ARB) was around $1,397,327,284. ARB can be traded on BTCEX, OKX, Bitrue, Bybit, and Binance.
$ARB token market cap
Considering that the current market capitalization of $ARB tokens is somewhere near $1.7 billion, it is safe to predict that there will be large swings in the value of these tokens throughout the coming weekend and the following weeks.
According to the data that Defillama produced as of Friday, the Arbitrum network has a reported total value of $2.24 billion in locked value, placing it in fourth place in terms of total value locked after Ethereum, Tron, and Binance.
Decentralized financial ecosystems like AAVE V3, GMX, Sushi, and Uniswap V3 have already been deployed on the Arbitrum network. In addition, the developers working on web3 have added several decentralized exchange markets (DEXs) to the network. DEXs such as Vela Exchange, ZyberSwap, and Camelot protocol are included in this group.
Rapid growth for Sector Finance
Sector Finance was introduced on Arbitrum earlier this month, offering clear risk assessment and investment approaches that produce real yields and are market-neutral. The initiative has encountered significant growth since its introduction. In under 24 hours after its launch, the total value locked (TVL) soared above $700,000, with numerous Vaults achieving maximum capacity. The TVL has constantly been growing since then, surpassing $3.0 million.
Sector went live on @arbitrum earlier this month, offering transparent risk analysis and real-yield market-neutral investment strategies.
A history on what's happened since then: pic.twitter.com/APsw1AY8gZ
— Sector Finance (@sector_fi) March 30, 2023
Moreover, $ARB whale addresses have been increasingly active in trading. For instance, Amber sent 11.2M $ARB to OKX and Binance, equivalent to $15.8M. The massive whale on Arbitrum is currently sitting on $9.94M worth of $ARB tokens. If additional whales pull their $ARB coins from centralized exchanges, it might help fuel an expected cryptocurrency boom, claims LookOnChain.