Arbitrum’s daily transaction count nears Ethereum’s level

The daily transaction volume on Arbitrum’s second-layer network neared the 1 million mark.

The chart below shows the brisk rise in February — in the last week alone it has risen by more than 60%.

For comparison, the daily number of transactions on the Ethereum network has long hovered around the 1 million mark.

The metric for Optimism, Arbitrum’s closest competitor, remains at far lower levels.

Activity in the second most popular L2 protocol significantly declined with the end of the Optimism Quest incentive program for NFT holders.

Over the last seven days TVL of the Arbitrum protocol grew by 16.8%, surpassing $3.3 billion. Thus, the gap to Optimism narrowed, the latter’s figure rising by 7.81% (to $1.91 billion).

Main drivers of TVL growth:

• derivatives platforms GMX and Gains Network;
• lending service Radiant;
• non-custodial exchanges ZyberSwap, Uniswap, Sushi and SolidLizard.

In December last year, the decentralised Trader Joe platform on Avalanche added support for Arbitrum.