The roll-up scaling solution Arbitrum overtook Ethereum (ETH) in terms of daily transactions for the first time ever this week.
Data from blockchain research tool Dune Analytics indicates Arbitrum hit more than 1.1 million daily transactions on Tuesday, higher than Ethereum’s 1.084 million.
The Arbitrum team celebrated the milestone on Twitter.
“For the first time ever, Arbitrum One processed more transactions than Ethereum This is a huge milestone achieved by our team and Arbinauts. We’ve come a long way as a community and we’re grateful to have you along with us! Our mission to scale Ethereum continues!”
Arbitrum doesn’t have a token yet. The project has seen its total value locked (TVL) skyrocket from zero in August 2021 to $1.92 billion at time of writing, according to the decentralized finance data tracker DeFi Llama. It’s currently the fourth-ranked chain in terms of TVL, behind Ethereum with $29.11 billion, Tron (TRX) with $5.29 billion, and Binance Smart Chain (BSC) with $4.95 billion.
The TVL of a blockchain represents the total capital held within its smart contracts, and it is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Arbitrum has also witnessed its active address count explode recently, shooting up from around 60,000 at the start of the month to nearly 118,000 by February 20th, according to Dune.
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