Arbitrum Surpasses 200 Million Transaction Milestone

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The layer 2 scaling solution Arbitrum has crossed 200 million transactions. But are developers leaving the protocol?

Today, the official Arbitrum Twitter account celebrated the milestone of hitting 200 million transactions. According to a Dune dashboard, the project also has over 4.4 million total active accounts.

Source: Dune dashboard

A Quarter of Users Only Used Arbitrum Once

Although the number of transactions has exceeded 200 million, the User Activity Profile indicates that approximately a quarter of the total users only transacted once. This data may indicate that about 1.1 million users didn’t return to the project after selling the airdrop tokens.

Whereas 70.7% of the users have transacted 1 to 1000 times.

Layer-2 Arbitrum User Activity Profile
Source: Dune dashboard

Increase in Earnings, Developer Count Remains Low

Arbitrum has witnessed a steady increase in daily cumulative earnings in the past 90 days. According to Token Terminal, the cumulative earnings stand at $5.3 million as of Thursday.

Chart showing gradual increase in the earning.
Source: Token Terminal

Also, compared to other layer 2 projects, such as Polygon and Optimism, it has had the highest earnings in the past 90 days. While the earnings of Optimism and Polygon remain in the negative territory, Arbitrum has a positive earning.

Comparison of layer 2 protocols' daily cumulative earnings.
Source: Token Terminal

Despite Arbitrum leading in other metrics, its active developer count has been relatively slow. After peaking at 32 on March 29, the graph has been in a downtrend. As of Thursday, Arbitrum had 23 daily active developers.

Token terminal measures active developers by evaluating the number of users that made more than one commit in the project’s GitHub repositories during the past 30 days.

Arbitrum declining daily active developers. Token Terminal
Source: Token Terminal

According to the latest data, Polygon and Optimism have nearly twice daily active developers compared to Arbitrum. Whereas StarkNet recorded 21 daily active developers, almost equivalent to Arbitrum.

Comparison of layer 2 protocols' daily active developers.
Source: Token Terminal

Click here for our latest Arbitrum technical analysis.

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