Arbitrum has become a leader in Ethereum scaling solutions amid speculation about the launch of a token

The high fees of the Ethereum network encourage users to switch to alternative solutions: other first-level networks and second-level networks based on Ethereum itself. Most revealing in this regard is the Arbitrum network, which represents the Ethereum scaling solution category and launched publicly less than two weeks ago.

“The volume of assets in Arbitrum is rapidly approaching $ 500 million, having risen by 662% over the last week. At this rate, it will reach $ 1 billion in a few days. Don’t oversleep the second-tier solutions based on Ethereum – they haven’t even taken shape yet, “Messari analyst Ryan Watkins wrote on Saturday.

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Less than a day after Watkins’ announcement, the volume of assets in Arbitrum already exceeds $ 2 billion, and growth over the week is 3,000%, according to data from Etherscan. This makes Arbitrum the second largest protocol for withdrawing ether and tokens outside the main Ethereum network after Polygon, in which the volume of assets fell by 7% over the week. In third place is Avalanche with $ 1.4 billion and -11%.

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Offchain Labs announced the public launch of Arbitrum on the mainnet in late August. At the same time, all users got access to decentralized applications based on it, whereas before the network was open only to developers.

According to the information on the official website of the project, many popular DeFi applications and other cryptocurrency services already support Arbitrum or plan to do so in the near future, including Aave, Balancer, Chainlink, Coinbase Wallet, Curve, Dai, Etherscan, MakerDao, Metamask, Sushi, Tether and Uniswap.

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In addition, the Reddit team chose Arbitrum to scale the tokens that are awarded to platform users.

“Does Arbitrum really have to be that fast? It’s incredible, writes user billΞ.eth. – In every possible way I recommend to try, if you have not already done so. The second-tier solutions are already here and are vastly superior to all Ethereum killers. “

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Over half of the ETH on Arbitrum is now concentrated in ArbiNYAN, a new profitable farming project that only opened on Thursday. ArbiNYAN’s own token (NYAN) has risen in price from a few cents to $ 8 this morning since September 9, but has subsequently rolled back to $ 2. Against this background, the volume of assets in ArbiNYAN also slightly decreased.

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Along with the launch of the main network, Offchain Labs announced raising $ 120 million. To date, the project does not have its own token. In 2019, Arbitrum co-founder Ed Felten wrote:

“The Arbitrum token does not exist and we do not plan to issue one. Arbitrum contracts can easily use whatever Ethereum-based tokens they want. We decided not to create another token. “

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Yesterday, the developers recalled that the project did not have a token and noted that any existing proposals of such a plan are fraudulent, but they did not say anything that they exclude the possibility of launching a token in the future. The official announcement of the launch of the project on September 1 stated that ETH is Arbitrum’s own currency.

However, many hope that the situation could change from 2019 and that given the success of airdrops such as Uniswap and 1inch, the Arbitrum developers will release a token that will be distributed among existing protocol users in a similar manner. It is difficult to predict under what conditions the Arbitrum token will be distributed, if it does appear. Uniswap, for example, simply rewarded all users who interacted with the exchange before a certain date. 1inch set the minimum transaction volume requirements of $ 20 to participate, and dydx introduced additional activity conditions to receive the tokens already owed to users.

In addition to ArbiNYAN, the growing interest in Arbitrum is confirmed by the activity on the largest decentralized exchange Uniswap.

“The trading volume on Uniswap with the use of second-level solutions (arbitrum + optimism) for the day today amounted to $ 33.3 million. This is four times higher than the previous maximum,” Uniswap founder Hayden Adams wrote yesterday.

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Over the past 24 hours, the volume of trading on Uniswap using Arbitrum alone has already reached $ 44.25 million and continues to grow.

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