Arbitrum celebrates surpassing 200 million transactions and 4 million users. But are the developers abandoning the protocol?
Arbitrum programmers abandoning the protocol?
Arbitrum is an Ethereum layer-2 (L2) scaling solution. It uses optimistic rollups to achieve its goal of increasing speed, scalability, and cost efficiency on Ethereum. Arbitrum takes advantage of Ethereum’s security and compatibility. Another advantage is higher throughput and lower fees compared to Ethereum. This is made possible by off-chain transport of most of the computational and storage load.
The 200 millionth transaction was commemorated on the official Arbitrum Twitter account. According to a Dune dashboard, the altcoin project has almost 4.4 million total active accounts. However, their programmers abandon the protocol? Because there are some signs that point to this.
Although more than 200 million transactions were made, the User Activity Profile shows that almost 25% of all users made only one transaction. According to this information, 1.1 million people may have left the project after selling their airdrop tokens. Only 1 to 1000 transactions were performed by 70.7% of users.
The number of active developers of the altcoin project remained stagnant
Over the previous 90 days, Arbitrum has noticed a consistent increase in daily cumulative earnings. Token Terminal reported that the total earnings were $5.3 million.
It also had the biggest gains over the past 90 days compared to Polygon and Optimism. Arbitrum’s gains are positive, while Optimism and Polygon’s gains are still in the red.
While Arbitrum dominated other metrics, the number of active developers remained stable. The chart has been bearish since it peaked at 32 on March 29. Arbitrum had 23 days of active developers as of Thursday. Token Terminal calculates the number of active developers by counting the number of individuals who have made several commits to the project’s GitHub repositories in the previous 30 days.
The latest data shows that Polygon and Optimism have roughly twice the number of active developers per day than Arbitrum. StarkNet reports 21 developers active every day, almost as much as Arbitrum.
Meanwhile, Arbitrum’s native token ARB is trading at $1.47, up 2.92% at press time. cryptocoin.comAs you follow, leading crypto Bitcoin and leading altcoin Ethereum are changing hands at $27,300 and $1,847, losing over 3% and 4%, respectively. Despite the negative mood in the market, ARB’s performance remained positive.
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