Arbitrum On-Chain Accounts Exceed 3 Million

02/27/2023 03:00 • Metaverse Matters • 140 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%

Interpret the above information:

The data provided by Dune Analytics on Arbitrum leaves no doubt about the growing popularity of this blockchain network. With over 3 million on-chain accounts, Arbitrum has become one of the most widely-used blockchain networks globally. While the total number of accounts is high, what stands out even more is the number of active accounts, which accounts for about 78.1% of the total accounts.

The significant number of active accounts on Arbitrum is suggestive of users finding the platform useful and convenient. It is probable that many individuals including businesses and investors are drawn towards Arbitrum because of its high flexibility, speed, and low gas fees. Furthermore, the network’s dramatic growth shows that Arbitrum’s smart contracts feature is gaining popularity among decentralized finance (DeFi) developers.

The value of smart contracts has reached 1,580,279, which is another good indication of the network thriving. DeFi developers are increasingly utilising smart contracts to create various decentralized applications (DApps) on the Ethereum network. With Arbitrum’s fast transaction and high flexibility, developing smart contracts and DApps have become even more accessible, as these developers can create their DApps more effectively than ever before.

The Total Value Locked (TVL) on Arbitrum at $4.424 billion has also become quite significant. With $1.192 billion in ETH locks, ETH’s value locked in Arbitrum is about 27 percent of the total TVL. This data indicates that investors and traders’ utilization of Arbitrum is growing, further increasing the confidence in this blockchain network.

In conclusion, the data from Dune Analytics shows the impressive growth of Arbitrum as a blockchain network. Its exceptional speed, flexibility, and low gas fees have proven to be hugely popular with millions of users worldwide. The impressive number of smart contracts and TVL locked in the network indicates the growing trust and confidence in the platform, making it more likely that Arbitrum will continue to engage financially savvy developers and investors alike.

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Arbitrum On-Chain Accounts Exceed 3 Million

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

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