Has Arbitrum peaked, or does the protocol have more to offer? Exploring...
However, the number of transactions on the network fell after crossing the one million transaction threshold. The decline in transactions on the Arbitrum network led many to believe that Arbitrum may have reached its peak in terms of transaction activity, and would not be able to garner the same amount of activity on the network any time soon.For Arbitrum to constantly observe an exorbitant number of transactions on its network, the network’s dApps would have to perform consistently.
dApps such as Gains Network and the GMX protocol have been in constant competition for prominence in the Arbitrum space. However, at press time, the Gains Network was facing some challenges. According to Dapp Radar, the number of unique active wallets on the Gains protocol declined by 25.57% over the last week, subsequently causing the volume on the network to reach $4.3 million – a 36.39% reduction.
However, the Gains Network may have a chance of outperforming GMX in the future, as it usually asks forEven though Gains Network offers lower fees to its users, GMX still managed to outperform the protocol in terms ofOne reason for the same was the high number of traders on the network, which surged from 56,770 to 60,320 over the last week. If the number of traders on the network continued to grow further, it would help increase activity on Arbitrum.
Overall, it remains to be seen how Arbitrum recovers from the decline in its transactions. Protocols such as Gains Network and GMX will play an instrumental role in the network’s future.Subscribe to get it daily in your inbox.
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