Arbitrum remains top destination for capital flowing away from Ethereum: data

Arbitrum has managed to gain a significant market share due to increased demand for Ethereum Rollup.

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. By the end of May, the network had attracted $4 billion in capital.

• Arbitrum is followed by Polygon racking up $3 billion in capital, followed by Optimism with $983 million, and dYdX with $342 million, 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 distributed to early platform users based on their activity on Arbitrum between specific periods.
• In the days leading up to the event, daily transactions on Ethereum’s Layer 2 scaling system exceeded 2.7 million.
• As the hype fades, the transactions count drowned Closer to 724k but still 124% higher than the figures recorded at the beginning of the year.
• Total addresses over time on Arbitrum across Seven million this week while its rival, Optimism, stood at a little over three million.
• Arbitrum recently stopped sending transactions to the mainnet for about two hours due to a software bug affecting the optimistic rollup sequencer. Foundation’s Community Leaders Said The software bug “caused network stress due to a large backlog of transactions that were not posted on-chain.”