Arbitrum’s Total Value Locked Surges Past $2.5 Billion as Token Nears $2
Ethereum layer 2 network Arbitrum has recorded high transaction volumes at the start of the year as well as its total value locked (TVL) tapping $2.5 billion.
On-chain data shows the firm’s bullish performance in the last week of 2023 and the early days of 2024 with surging transaction volumes and increased decentralized finance (DeFi) activity.
On Jan 3, its native token ARB spiked over 10% to trade close to the $2 mark with bulls anticipating a price surge as onchain activity ramps up. In the last seven days, the token has recorded a 26% increase and a massive 73.91% growth in the last 30 days.
Amidst the price surge, its TVL is now above $2 billion as volumes on decentralized applications (dApps) moved past $900 million. The platform has also recorded a 24-hour inflows of $52.16 million with GMX leading the pack in TVL.
New market data from DeFiLlama points to Arbitrum’s DApps increasing TVL rising by 1 billion since October. The recent inflows have led commentators to toe the line of the wider industry’s uphill climb as a significant factor for the bullish activity.
The last quarter of 2023 was bullish for Bitcoin (BTC) and a plethora of altcoins based on several factors including increasing institutional investor appetite as they await a spot BTC ETF approval by the Securities and Exchange Commission (SEC).
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