Blockchain News
Stablecoin Movements Suggest Growing Confidence in Arbitrum
By
BSC News
March 3, 2023
Arbitrum’s increasing adoption by key projects and stablecoin inflow indicates it is becoming a top choice for investors seeking stable and reliable alternatives.
Arbitrum Stablecoin Inflow
In recent days, Arbitrum has enjoyed a marked increase in stablecoins on the chain, with the highest inflow in the last 7 days across all blockchains.
This influx of stablecoins, which are digital tokens pegged to fiat currencies, is a positive sign of growing confidence in the Arbitrum ecosystem.
This surge in stablecoin movements comes amid growing concerns about the stability of other stablecoins, such as BUSD. The recent troubles faced by BUSD have caused many investors to look for safer alternatives, and Arbitrum has emerged as a top choice.
DefiLlama: Stablecoin Movment
Arbitrum is a Layer 2 scaling solution for Ethereum that provides faster and cheaper transactions while maintaining the security and decentralization of the Ethereum network. This technology has attracted a number of key projects, including some that were highlighted in our recent overview of projects:
Galxe: a Web3 credential data network, is the leading Dapp on Arbitrum right now, attracting more than 175,000 UAW in the past 30 days. Arbitrum accounts for about 25% of Galxe’s UAW across nine blockchains, including BNB Chain and Polygon.
Stargate Finance: More than 90,000 UAW have interacted with omnichain bridging protocol Stargate Finance on Arbitrum in the past 30 days. The activity on Arbitrum accounts for nearly half of Stargate’s UAW across seven blockchains, including Ethereum and BNB Chain.
Uniswap V3: It’s probably no surprise that major Ethereum Decentralized Exchange (DEX) Uniswap ranks highly on this list, with just over 90,000 UAW on Arbitrum in the past 30 days. Uniswap is also one of the top Decentralized Finance (DeFi) protocols on Arbitrum with nearly $80 million in Total Value Locked (TVL), according to DefiLlama.
The fact that many projects are choosing to build on Arbitrum is a testament to the strength and potential of this technology. As more investors look for stable and reliable alternatives to traditional financial systems, it is likely that we will see even more growth and adoption of the Arbitrum ecosystem.
What is Arbitrum:
Arbitrum is an Ethereum layer-2 network that enables developers to build and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum — use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The flagship product for the team, Arbitrum Rollup, is an Optimistic rollup protocol that inherits Ethereum-level security.
Website | Docs | Twitter | Blog |
Follow us on Twitter and Instagram to keep up with all the latest news for BNB Chain and crypto.
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Want the latest DeFi secrets delivered directly to your inbox every week from a leading industry expert? Instantly learn about strategies that could have you earning APYs of up to 69,000% with DeFi Maximizer. Sign up today and enjoy a 25% discount off of your first month!
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author
BSC News
BSC News
Arbitrum
blockchain
Bitcoin
BSC News
crypto
DeFi
decentralized-finance
stablecoin
Web3
Ethereum
Related News
