State of Arbitrum, Sept 2022: users, TVL, fees and ecosystem data
Thread1,073 words
Data-driven look at Arbitrum with Token Terminal, Dune and L2BEAT numbers on active users, bridge flows, contract deployments, fees, TVL and ecosystem, concluding fundamentals are bullish with growth that is organic and token-free.
Key claims
Daily active users up 36% MoM, above 32k on 5 Sep 2022
About $2.7bn TVL, over 50% of L2 market share
Protocol keeps about 26% of L2 fees, around $2.9m distributable to a future token
0/ a fundamental look at the state of @arbitrum, the leading optimistic #rollup L2 in the #Ethereum ecosystem!✨
🧵with @aurumcrypto research insights (0/26)👇
1/ @arbitrum has seen a 36% increase in active daily users on #arbitrum one mainnet on a month on month basis, while #ArbitrumOdyssey is still paused📈
source: @tokenterminal 📊
x.com/tokenterminal/status/1567180880149372932
2/ number of active users has been steadily growing since January 2021 and growth has accelerated in recent weeks with #arbitrum one mainnet reaching >32k active daily users on September 5th
source: @tokenterminal 📊
3/ the increase in activity on #arbitrum is also visible in the number of daily deposits on @arbitrum one, which has increased rapidly since August
4/ also, the arbitrum bridge holds over 2.7bn in value, putting @arbitrum on one level with @avalancheavax
source: @DuneAnalytics
5/ interestingly, looking at number/value of deposits, we see that, while @optimismFND has more bridge depositors in the past 7 days (80k) than @arbitrum (14k), #arbitrum's value bridged over the same period is 47% higher, indicating higher whale activity
source: @DuneAnalytics
5/ Another indicator that signals it's not only the users but also the devs that take an interest in @arbitrum, is the # of new smart contracts deployed. This number has been growing consistently for months now, hinting at increased developer activity
source: @DuneAnalytics
6/ as of today there are almost 48k contracts live on @arbitrum one mainnet, with the number growing rapidly
source: @DuneAnalytics
7/ the increased on-chain activity has also increased the amount of L1 gas consumed by the sequencer (revenue for $ETH L1), which has increased strongly the past few months in terms of daily gas used for the arbitrum sequencer, indicating a higher tx load
source: @DuneAnalytics
8/ so, not only the #arbitrum protocol earns on tx fees but also #Ethereum L1. On Aug 31st, @arbitrum earned total daily revenues of $33.3k ($8.5k protocol revenue) and roughly $645k over the past 30 days
source: @tokenterminal
9/ fees on the chart in 6 might seem low, but that is mainly because it's shown in USD terms and $ETH price has decreased a lot. Additionally, lower L1 activity has mitigated congestion problems and reduced gas cost for #rollups. Number of tx is rising
source: @DuneAnalytics
10/ On average, the @arbitrum protocol earns roughly 26% of the fees generated on its L2, while ~74% accounts for supply side revenue (fee revenue for L1 miners)
source: @tokenterminal
11/ with a total of almost USD 11m in revenue that has already been generated on @arbitrum, this would provide roughly USD 2.9m that could potentially be distributed to $ARBI holders (once live)
source: @tokenterminal
12/ @arbitrum has completed the #Nitro upgrade on #ArbitrumOne last week, thereby increasing throughput (7-10x), introducing advanced calldata compression (lower fees) & improving $ETH L1 gas compatibility & L1 interoperability through tighter L1 block sync
source: @arbitrum
13/ @arbitrum fees are now only half of the fees on @optimismFND and 1/10 of L1 fees, making #arbitrum one mainnet the cheapest optimistic #rollup L2 that does fully rely on #Ethereum for data availability
source: l2fees.info
14/ with over 100 applications on mainnet, #arbitrum is among the top 10 chains overall and the largest rollup in terms of number of dApps
source: @DefiLlama
15/ @arbitrum is the largest optimistic #rollup by TVL with almost USD 2.7bn in locked value according to @l2beat, taking >50% of #L2 market share. Roughly 43% of TVL is $ETH while stablecoins make up another 42% and other crypto assets account for 16% of TVL...
source: @l2beat
16/ ...which is even more impressive considering @arbitrum doesn't have a token of its own. While on many other rollups (market with ⚠️ in post 5) inflate TVL with their own tokens:
- $OP is 20% of #Optimism TVL
- $METIS is 60% of @MetisDAO TVL
source: @l2beat & @DuneAnalytics
17/ @arbitrum is the only protocol among the 10 chains by TVL that doesn't have a token (yet). It's also the only protocol with double digit TVL growth in the last month according to data from @DefiLlama
18/ the delta in TVL compared to the @l2beat numbers can be mostly attributed to different measurement approaches & levels of application support. Total value secured by @arbitrum does seem to be closer to an impressive 2.7bn though
source: @DuneAnalytics
19/ the @arbitrum ecosystem is flourishing with dApps like @GMX_IO (decentralized perpetuals exchange) taking the spotlight
@GMX_IO TVL (🔵) grew 20% over the past month, surpassing $300m, with market cap (🟣) growing in tandem to reach ~$400m
source: @DefiLlama
20/ there are also many other exciting promising projects on #arbitrum:
@dopex_io - $DPX
@Treasure_DAO - $MAGIC
@SperaxUSD - $SPA
@PlutusDAO_io - $PLS
@DAOJonesOptions - $JONES
@vestafinance - $VSTA
@handle_fi - $FOREX
@Y2kfinance - TBD
21/ additionally, @arbitrum has recently launched #ArbitrumNova, a chain based on #arbitrum's AnyTrust technology
for more info see here:
x.com/expctchaos/status/1535109516747935745
22/ #arbitrum nova has already started to gain some traction with over 25k unique users that have bridged funds to #nova via the official @arbitrum bridge, and some NFT activity already happening on the chain
source: @DuneAnalytics
23/ TVL on #ArbitrumNova is also growing fast, having increased 44% in the past 7 days
source: @l2beat
24/ overall, the growing # of tx / active users & increasing dev activity, coupled with growing a TVL & a flourishing ecosystem are bullish. Also, the hype around the #Odyssey & a potential $ARBI airdrop is real & will continue to bring both more attention & users to @arbitrum
25/ overall, the growing # of tx / active users & increasing dev activity, coupled with growing a TVL & a flourishing ecosystem are bullish. Also, the hype around the #Odyssey & a potential $ARBI airdrop is real & will continue to bring both more attention & users to @arbitrum
26/ also, its not to be underestimated that @arbitrum got here without marketing efforts or token-based incentive programs. Growth has been all organic so far & $ARBI incentives will likely draw in even more liquidity & increase adoption, thereby accelerating ecosystem growth
27/ finally, with the #nitro upgrade and the launch of #nova, @offchain have once again demonstrated that they are amongst the leaders in the space with regards to innovation & delivering strong tech, hinting at a bright future for the network
27/ If you liked this thread, please support a fellow #arbinaut by following & sharing the first post of the thread (linked here) 🥰✨
x.com/expctchaos/status/1567256640990183426
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