Arbitrum (ARB) Skyrockets 28%: The Top Gainer From Shapella Upgrade!

Key Points:

• Layer 2 protocol Arbitrum (ARB) up 28% due to Shapella Upgrade boost.
• Arbitrum is the biggest beneficiary of the Ethereum network’s growth.
• Arbitrum is changing hands at a price of $1.54, with 34.51 million transaction counts.

Shapella Upgrade has brought about many changes, one of the beneficiaries of this growth is the Layer 2 protocol Arbitrum (ARB), which, as a result of its price action, appears to be the biggest beneficiary of this growth thus far.

ARB is changing hands at a price of $1.5466, up by 20% in the past 24 hours, and by more than 28% over the past seven days. This growth is remarkable, and we can attribute it to several factors, including the technological advancement of Arbitrum, its robust and diverse community, and its user-driven innovations. These factors have all set it on a pedestal to enjoy an impressive price surge.

Although ARB is a relatively new protocol, it has gained massive acceptance from users and developers alike. As a protocol that helps scale Ethereum transactions through the optimistic rollups technology, ARB has seen more embrace than the majority of its competitors since its inception, and this embrace has increased even more since the Shapella Upgrade went live. Data from L2Beat showed that ARB trails only the main Ethereum blockchain in terms of the total average Transactions Per Second (TPS) in the past day. Notably, Arbitrum has the highest number of transaction counts, pegged at 34.51 million, even higher than 31.88 million for Ethereum. This outstanding performance makes it clear that Arbitrum is a force to reckon with in the Ethereum network.

ARB has not rested on its laurels and is continually expanding its offerings to users. One of the recent moves by the protocol is the launch of the non-fungible token (NFT) tracking feature, floated in partnership with Alchemy. This feature is a great addition to the Arbitrum ecosystem as it allows users to estimate the current valuation of digital collectibles, their features, and possible transfer details from one address to another. The inclusion of this feature has increased the scope of user utility accessible to members of the Arbitrum ecosystem.

ARB expanding as the obvious dominant L2 protocol in terms of transaction count, the plan to expand its diversity is a welcome development. This development shows why the bulls appear positively oriented toward it today.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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