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Arbitrum is now the seventh most valuable DeFi chain, with a total worth of $2.38 billion.
Nansen, a blockchain data provider, has announced that the Arbitrum network will be integrated soon, giving its global users, both retail and institutional, the capacity to spot developing patterns in the decentralised finance (DeFi) industry.
Technical charts and quantitative data, such to the more than 100 million data points across Ethereum, Polygon, and Binance Smart Chain, will be available to view within an Arbitrum dashboard.
One of Nansen’s tools is Smart Money, a function that tracks the wallet addresses of hedge funds, institutional investments and whales, collating their activity into a visual graphic that enables users to determine technical patterns.
NFT Paradise and Mint Master are two more platform features that provide insight into developing nonfungible token (NFT) trends before they impact the mainstream.
Nansen announced plans to integrate a Solana dashboard earlier last month in an effort to provide user access to on-chain data and performance metrics in the DeFi and nonfungible token (NFT) markets.
The Nansen team released a research paper in conjunction with this revelation, claiming that layer-2 protocols like Arbitrum have the potential to become market leaders in Ethereum scalability over the next five years, while also noting:
“Scaling is not enough. While increasing their transactional throughput, blockchains must preserve two fundamental properties of blockchain technology: decentralization and security. This is known as the blockchain trilemma. As of today, the only Ethereum scaling solution that satisfies all three elements is rollups like Arbitrum.”
Arbitrum One mainnet launched its rollup solution into the public domain on Sept. 1, and has since risen to prominence with over $2.38 billion in total value locked (TVL) according to analytical data from DeFi Llama.
An array of 41 protocols contributed to this ten-figure number, the most notable of which is multi-chain protocol Curve Finance, which accounts for 22.11 percent, as well as SushiSwap and Abracadabra, which have $525.54 million, $449.84 million, and $401.67 million in TVL, respectively.
Along with providing compelling insights into Arbitrum’s low transaction costs and gas fees when compared to Ethereum — the latter of which is roughly 80-90 percent lower — Nansen’s research paper also discussed the possibility of an Arbitrum native token launch, a topic that has gained significant traction in recent months amid positive adoption.
Andy Chorlian, the inventor of Fractional Art, recently revealed his thoughts on the topic, claiming that an Arbitrum token will certainly boost the protocol over the surging layer-one blockchain Avalanche, which is presently ranked 11th in terms of total market valuation.
If arbitrum had a token it would be crushing avax
— andy (@andy8052) November 19, 2021