The cryptocurrency project Arbitrum has been recording record-breaking activity for the past two weeks. On February 23, for the first time, the number of transactions per day (TPD) surpassed Ethereum’s TPD. Consequently, on March 16, Arbitrum’s TPD surpassed Ethereum’s number once more; and the peak was achieved on March 23 as it settled 2.72 million transactions in 24 hours - an all-time high. This surge in activity coincided with the ARB airdrop that took place on the same day which distributed 1.275 billion ARB across the ecosystem.

Statistically speaking, the cost to transact on the Arbitrum network is just $0.33 per transaction, while the median-sized Ethereum network transaction cost is 0.0018 ETH or $3.47 per transfer. The trading volume of the native token, ARB, has been around $556 million over the last day. Additionally, the overall market capitalization of ARB is around $1.5 billion and its current price per unit is between $1.22 and $1.28; however, ARB has seen a dramatic decrease of 85% from its all-time high of $8.67 but an increase of 10% from its all-time low of $1.11 per unit.

As 1.275 billion ARB was airdropped into the ecosystem and the transactions per day count surged, the ARB token is dependent on the performance of the Arbitrum network for its appreciation. All things considered, the current state of Arbitrum showcases the potential of blockchain networks as Layer 2 scaling solutions.



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