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\t\t\t\t\t\t\t\tPosted: September 24, 2023 \t\t\t\t\t\t In a period when Optimism [OP]<\/a> and Base<\/a> have been hogging the Layer 2 (L2) spotlight, Arbitrum[ARB]<\/a> staged a remarkable comeback in terms of activity and interest.<\/p>\n Realistic or not, here\u2019s ARB\u2019s market cap in BTC terms<\/a><\/p>\n Arbitrum experienced a substantial surge in on-chain activity over the past week. This resurgence can be attributed to the launch of Arbitrum\u2019s Odyssey, an 8-week initiative aimed at boosting user engagement within the network.<\/p>\n As an incentive, users stand to gain NFT rewards and increase their chances of receiving an Arbitrum airdrop.<\/p>\n $ARB<\/a> has seen a significant increase in on-chain activity in the past week.<\/p>\n The current catalyst behind this surge could be Arbitrum’s Odyssey, which has the potential to reignite liquidity growth.<\/p>\n Furthermore, popular dApps like @PostTechSoFi<\/a> are attracting thousands of users, pic.twitter.com\/0GX1kPCT7a<\/a><\/p>\n \u2014 Emperor Osmo\ud83e\uddea (@Flowslikeosmo) September 23, 2023<\/a><\/p>\n<\/blockquote>\n Along with this, Arbitrum also made efforts to improve its ecosystem in terms of the NFT sector.<\/p>\n Recently, the Rari Foundation submitted a proposal to integrate Arbitrum One with the open-source Rarible Protocol. This integration would empower developers to freely and easily use the Rarible Protocol\u2019s indexer, order book, and SDK, which are pivotal components for NFT-based applications. Such integration is expected to attract more users to the Arbitrum ecosystem.<\/p>\n While these developments hold the potential to elevate activity levels in the short term, it remains to be seen whether this surge will be sustained over time.<\/p>\n The price of the ARB token has recently increased from $0.788 to $0.823. However, this price uptick didn\u2019t necessarily correlate with network growth and velocity. Both of these crucial metrics witnessed declines over the past weel.<\/p>\n Network growth refers to the expansion of the user base and overall adoption of the ARB token.\u00a0 A decline in network growth suggests that the token may not be attracting new users at the desired rate.<\/p>\n Velocity, on the other hand, measures how quickly tokens change hands within the network. A decrease in velocity might signify that users are holding their tokens rather than actively using them for transactions.<\/p>\n Source: Santiment<\/p>\n<\/div>\n Despite these concerns, ARB\u2019s price stability may be bolstered by significant whale interest. Recent data from lookonchain showed that a whale received a substantial amount of ARB tokens, totaling 1.19 million ARB (equivalent to $1 million) from FalconX.<\/p>\n Is your portfolio green? Check out the ARB Profit Calculator<\/a><\/p>\n This particular whale has amassed a total of 2.28 million ARB (approximately $1.93 million) from Binance via #FalconX since 13 September, with an average purchase cost of $0.81 per token.<\/p>\n A whale received 1.19M $ARB<\/a>($1M) from #FalconX<\/a> again 4 hours ago.<\/p>\n This whale has accumulated 2.28M $ARB<\/a> ($1.93M) from #Binance<\/a> via #FalconX<\/a> since Sept 13, with an average buying cost of ~$0.81.https:\/\/t.co\/HxXA7MUBHc<\/a> pic.twitter.com\/r7nJDkiVgJ<\/a><\/p>\n
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\nRising activity on Arbitrum<\/h4>\n
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How is ARB holding up?<\/h4>\n
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