Arbitrum's recent resurgence in on-chain activity, driven by initiatives like Arbitrum Odyssey, may indicate a promising future for the protocol.
Along with this, Arbitrum also made efforts to improve its ecosystem in terms of the NFT sector.
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’s 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.
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.The price of the ARB token has recently increased from $0.788 to $0.823. However, this price uptick didn’t necessarily correlate with network growth and velocity. Both of these crucial metrics witnessed declines over the past weel.
Network growth refers to the expansion of the user base and overall adoption of the ARB token. A decline in network growth suggests that the token may not be attracting new users at the desired rate. 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.Despite these concerns, ARB’s 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 from FalconX.This particular whale has amassed a total of 2.
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