Arbitrum remains the main destination for the flow of capital away from Ethereum: data

Arbitrum has managed to amass a significant market share as demand for Ethereum accumulations increases.

According to data shared by CoinShares, Arbitrum remains the top destination for capital flows away from Ethereum, among other protocols and Layer 2. At the end of May, the network attracted $4 billion worth of capital.

• Following closely behind Arbitrum, Polygon accumulates capital worth $3 billion, followed by Optimism with $983 million and dYdX with $342 million, the statistics revealed.
• In recent months, Arbitrum has managed to outshine its rival protocols. One of the most significant developments was the highly anticipated launch of its native governance token, ARB, which was airdropped to early adopters of the platform based on their activity on Arbitrum between a specified duration.
• In the days leading up to the event, the daily transaction on the Ethereum-layer 2 scaling system skyrocketed above 2.7 million.
• As the hype faded, the transaction count submerged close to 724k but still more than 124% higher than the figures recorded at the beginning of the year.
• Total addresses over time in Arbitrum crossed seven million this week while that of its rival, Optimism, stood at just over three million.
• Arbitrum recently stopped sending transactions to the mainnet for approximately two hours due to a software bug that affected the optimistic digest sequencer. The community leaders of the foundation. saying the software bug “created stress on the network caused by the large backlog of transactions that had not been posted to the chain.”