Active users on Arbitrum leapfrog Solana despite declining ARB token value

Arbitrum, Ethereum’s largest Layer 2 network by total value locked (TVL), has recently surpassed Solana in daily active users even as its native governance token, ARB, has lost more than half its value from early‑year highs. On a recent Monday analyzed by DL News, Arbitrum’s daily active addresses climbed to an all‑time high of about 856,000, up roughly 150% from around 341,000 in early May, edging past Solana’s roughly 833,000 daily active addresses despite Solana’s strong retail and memecoin-driven trading activity. This surge in user activity coincides with a broader drop in Ethereum transaction fees following the Dencun upgrade, which has made Layer 2 networks like Arbitrum cheaper to use and helped drive record transaction volumes on the rollup. The growth in Arbitrum’s user metrics contrasts sharply with weakening market and liquidity indicators. DL News reports that the total value of crypto assets on Arbitrum has fallen about 22% from a roughly $20 billion peak on April 1 to around $15.7 billion, while decentralized exchange trading volume on the network is down about 82% from a March 4 high of $2.2 billion to roughly $404 million. Over the same period, the ARB token has dropped about 58% from its all‑time high near $2.26 in January to around $0.94, underscoring a disconnect between rising network usage and token price performance. Even so, Arbitrum remains the leading Ethereum Layer 2 by key fundamentals: it holds the largest TVL among rollups, leads its Layer 2 peers in daily transactions and active users, and continues to be the primary destination for bridging ether from Ethereum mainnet, with roughly 1.7 million ETH transferred to Arbitrum versus about 1.5 million ETH spread across its 14 largest Layer 2 competitors as of late April. This dynamic highlights how Layer 2 adoption can accelerate on the back of fee reductions and application activity even in the face of declining token valuations. {"entities":["Arbitrum","Arbitrum One","ARB","Solana","Ethereum","Ethereum Dencun upgrade","DL News","Ryan Celaj","Ethereum Layer 2 (L2) networks","decentralised exchanges (DEXs)","Optimism","Ethereum mainnet"]}」

✨ AI-generated background, compiled from web sources — not editorial content.

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