Arbitrum has managed to rake in a significant market share as demand for Ethereum rollups soars.
According to data shared by CoinShares, Arbitrum remains the top destination for capital flows away from Ethereum, among other protocols as well as layer 2s. As of May-end, the network attracted capital worth $4 billion.
Closely following Arbitrum is Polygon raking in capital worth $3 billion, followed by Optimism with $983 million, and dYdX with $342 million, the stats revealed.
In recent months, Arbitrum has managed to eclipse its rival protocols. One of the most significant developments was the much-anticipated launch of its native governance token, ARB, which was airdropped to early platform users based on their activity on Arbitrum between specific duration.
In the days leading up to the event, the daily transaction on the Ethereum-layer 2 scaling system skyrocketed above 2.7 million.
As the hype faded, the transaction count dipped near 724k but was still over 124% higher than the figures recorded at the beginning of the year.
Total addresses over time on Arbitrum crossed seven million this week while that of its rival, Optimism, stood a little over three million.
Arbitrum recently stopped sending transactions to mainnet for roughly two hours due to a software bug affecting the optimistic rollup’s sequencer. The foundation’s community leaders said the software bug “created network stress caused by the large backlog of transactions which hadn’t been posted on-chain.”
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