Arbitrum, its growing network activity, and everything latest to know

ambcrypto.com:

Ethereum layer 2 solution, Arbitrum is looking to rediscover its lost mojo in the crypto market. The roll-up solution is about to undergo a major Nitro upgrade which is scheduled for next week. But Arbitrum is already seeing a huge uptick in daily transactions as it crossed 180,000 again this week.

As covered earlier, Arbitrum looks well on course as opposed to its counterpart, Optimism. Powered by its organic growth, Arbitrum maintains double the number of transacting addresses without any incentives.

Blockchain analytics platform Nansen reported on the tremendous increase in network activity on Arbitrum recently. Over the past week, Arbitrum has been used by 106k unique addresses and over 306k such addresses on the 30-day chart.

Source: Nansen

According to the update, the top three entities on Arbitrum by weekly users are Project Galaxy (33,381), Uniswap (17,087) and USDC/ Centre (16,489).

Meanwhile, the top three entities by weekly transactions on Arbitrum are GMX (83,411), Uniswap (70,258) and finally SushiSwap (49,083).

Source: Nansen

Notably, Arbitrum has been busy on the development front with a couple of upgrades lined up in coming days.

Arbitrum developers carried out the shadow-fork migration to Arbitrum One recently.

We are now less than one week away from mainnet migration of Arbitrum One to Nitro.