Arbitrum Sees Over 3 Million On-Chain Accounts with $4.4 Billion Value Locked

02/27/2023 03:00 • Blockchain Briefs • 89 views

According to the data of Dune Analytics on February 27, the total number of Arbitrum on-chain accounts has exceeded 3 million, reaching 3.04 million so far, of which the number of active accounts is 2.347 million, accounting for about 78.1%. In addition, at present, the total number of smart contracts created by Arbitrum has reached 1580279, and the total value of locks on the chain has reached $4.424 billion, of which the value of ETH locks is about $1.192 billion, accounting for about 27%.

The total number of Arbitrum on-chain accounts exceeded 3 million, with active accounts accounting for about 78.1%

Analysis based on this information:

The blockchain industry is witnessing a new era of growth as Arbitrum on-chain accounts have exceeded 3 million, according to Dune Analytics. The total value locked in smart contracts on the chain is $4.4 billion, with the value of ETH locks accounting for 27%. This is a significant milestone for Arbitrum, which has gained popularity for its low gas fees and fast processing times.

Of the total number of accounts, 78.1% are active, indicating a growing user base that is actively using the platform. This suggests that Arbitrum is gaining traction as an alternative to Ethereum, which has been facing scalability issues due to its high gas fees and slow transaction processing times. The ability to provide fast and affordable transactions is critical in attracting new users to the platform.

The total number of smart contracts created by Arbitrum has reached 1,580,279, indicating the growing demand for decentralized applications (DApps) and smart contract features. Smart contracts are digital agreements that are executed automatically when specific conditions are met. They enable decentralized finance (DeFi) services such as lending, borrowing, staking, and more. By enabling developers to create DApps and smart contracts, Arbitrum is emerging as an essential platform for the growth of the DeFi industry.

The value locked on the Arbitrum chain is also a significant indication of its growth. The total value locked in smart contracts on the chain is $4.4 billion, highlighting the trust and confidence that users have in the platform. Value locked represents the total amount of cryptocurrency that is held in smart contracts, indicating the potential revenue that can be generated from these contracts.

In conclusion, Arbitrum is witnessing significant adoption and growth as an alternative to Ethereum. The low gas fees, fast processing times, and the ability to create DApps and smart contracts are critical features driving the platform’s growth. The high number of active accounts and value locked is a positive indication of Arbitrum’s potential impact on the DeFi industry.

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