ARB Hit Low; Arbitrum Market Share up
The Arbitrum ARB airdrop last week was one of the most memorable events in the history of Ethereum. Hundreds of thousands of Arbitrum users were rewarded for using the platform with ARB governance tokens.
However, the price of ARB is quickly heading to new all-time lows despite Arbitrum’s market share increasing substantially.
Arbitrum’s new governance token is nearing its all-time low despite trading at as much as $8 during the airdrop on Thursday.
Activity on Arbitrum also seems to be dwindling. The Layer-2 network saw a dramatic crash in daily transactions, going from 2,728,907 on airdrop day to 1,170,240 on March 27.
However, Arbitrum is still processing more daily transactions than Ethereum mainnet, which had 1,100,122 on Monday.
Despite the poor performance, ARB is still the 40th largest cryptocurrency, with a market cap of $1.44 billion.
On top of that, Arbitrum’s Layer-2 market share increased to 66.25%, according to data from L2Beat. The TVL on Arbitrum also increased by 47% and is now $5.62 billion.
(With inputs from Shikha Singh)
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