"The ARB will only be launched in 2023, but it has already shown very impressive achievements compared to the others."
The entire cryptocurrency market is increasingly paying attention to Arbitrum (ARB) which is climbing slowly to reach more than $2 on January 3, 2024 from $1.15 on December 22 last year.
This is because Arbitrum One's Total Value Locked (TVL) saw a remarkable increase of approximately 15.9% reaching $10.22 billion in the last seven days which makes it the first layer-2 chain to cross $10 billion TVL.
The milestone was due to an incident on December 15, 2023, where Arbitrum One faced a partial outage* for two hours following the ascent of Bitcoin Ordinals-inspired inscriptions which led to the originator's termination of the sequencer**.
*Reduction in the Unit's electrical generation output or delay in the Unit reaching full power generation.
**Responsible for structuring transactions and he records transactions on his local blockchain platform.
It is known that ARB holds a diverse digital asset portfolio, including 30.9% in Ethereum (ETH), 23.68% ARB, 29.66% allocated to stablecoins and the remaining 15.76% spread across various other cryptocurrencies.
So here we can see that Arbitrum One's success can be attributed to its attempt to replicate the ETH experience while offering much lower transaction costs that can attract a large number of decentralized applications (dApps).
The implementation of ARB which functions as a governance token has contributed significantly to the growth of the platform including empowering holders to take part in the decision-making process regarding the development and foundation of the platform.
As of this writing, ARB's price has climbed 9.73% to $1.94 in the past 24 hours with market capital worth $2 billion and has recorded a 26.64% climb in the past seven days.
