The Arbitrum Chain: A Look at its Smart Contracts, ERC-20 Assets, and Value

According to reports, Dune data shows that the total number of smart contracts created on the Ethereum Layer2 network’s Arbitrum chain has exceeded 2 million. As of now, there are 2001535 ERC-20 assets on the chain with a total value of over 8.5 billion US dollars.

The total number of smart contracts created on the Arbitrum chain has exceeded 2 million

With the rise of blockchain technology, smart contracts are becoming more mainstream. Of the various smart contract platforms currently available, Ethereum is one of the most popular. And within the Ethereum ecosystem, the Arbitrum chain, which is part of the Layer2 network, has been gaining traction. In this article, we will take a closer look at the Arbitrum chain, its smart contracts, ERC-20 assets, and overall value.

Smart Contracts on the Arbitrum Chain

According to reports, Dune data shows that the total number of smart contracts created on the Arbitrum chain has exceeded 2 million. This is a significant milestone that shows the growing popularity of the Arbitrum chain among developers and applications. Smart contracts are self-executing contracts with the terms of the agreement between the buyer and seller being directly written into lines of code. They are secure, transparent, and operate on a decentralized system.
The use of smart contracts on the Arbitrum chain has several benefits including faster transaction processing times, lower fees, and higher throughput than the Ethereum mainnet. Arbitrum smart contracts also have real-time execution and low gas costs. Additionally, this chain supports Ethereum Virtual Machine (EVM) based smart contracts, which means that it is easy for developers to migrate existing Ethereum smart contracts to the Arbitrum chain.

ERC-20 Assets on the Arbitrum Chain

As of now, there are 2,001,535 ERC-20 assets on the Arbitrum chain. ERC-20 tokens are a type of cryptocurrency that are based on the ERC-20 standard, which is compatible with the Ethereum platform. ERC-20 tokens are fungible, meaning that each token is identical and interchangeable with another token of the same type. Currently, the total value of the ERC-20 assets on the Arbitrum chain is over 8.5 billion US dollars.
ERC-20 tokens offer several advantages to users, including the ability to participate in decentralized applications (dApps) on the Ethereum network and the ability to exchange tokens on various cryptocurrency exchanges. The high number of ERC-20 assets on the Arbitrum chain makes it an attractive platform for developers, businesses, and individuals looking to create and trade ERC-20 tokens.

The Value of the Arbitrum Chain

The value of the Arbitrum chain is derived from its smart contracts and ERC-20 assets. With over 2 million smart contracts and 2,001,535 ERC-20 assets, the value of the Arbitrum chain is substantial. The lower fees and faster processing times of the Arbitrum chain have also attracted users who want to save on transaction fees while enjoying fast and seamless transactions on a decentralized network.
The value of the Arbitrum chain is also linked to the value of Ethereum, which is currently the second-largest cryptocurrency by market capitalization. As more developers and businesses migrate from the Ethereum mainnet to Arbtrium, the value of the Arbitrum chain is likely to increase.

Conclusion

In summary, the Arbitrum chain is a promising smart contract platform that has gained significant traction in recent months. Its fast transaction processing times, low fees, and support for ERC-20 assets have made it an attractive option for developers and businesses alike. Its value is linked to the value of Ethereum, which is currently one of the most popular cryptocurrencies in the world.

FAQs

1. What is a smart contract?
A smart contract is a self-executing contract with the terms of the agreement between the buyer and seller being directly written into lines of code.
2. What are ERC-20 assets?
ERC-20 assets are a type of cryptocurrency that are based on the ERC-20 standard, which is compatible with the Ethereum platform.
3. Why is the value of the Arbitrum chain linked to Ethereum?
The value of the Arbitrum chain is linked to Ethereum because it supports Ethereum Virtual Machine (EVM) based smart contracts, making it easy for developers to migrate existing Ethereum smart contracts to the Arbitrum chain.