Let me first say that this isn’t about the ARB token as much as it is about the entire Arbitrum community, which remains the most diverse and most used of all the ETH Layer 2s. It’s share of the entire L2 ecosystem across multiple metrics (TVL, transaction and gas fee volume) sits around 50% more or less, and has remained so even with the proliferation of literally dozens of other L2s.
I feel the token’s price movements don’t illustrate how robust this ecosystem is. Sure, it may continue to lose market share to other L2s, limiting the token’s rocket potential. But with resilient bemoths like GMX and Ramses weathering the storm of copycats and airdrop hunters having gone elsewhere, new projects like post.tech playing the long game, ARB’s true value is the innovation and influence it’s had on the other projects. ARB isn’t just up against L2s this cycle—it’s lowkey in competition with SOL as the ecosystem Solana is developing more resembles Arbitrum’s offerings than Ethereum L1.
The Arbitrum community has already passed thru its initial hype cycle and occasional rug pulls. Most of who remain are builders and users who know that much of what’s being built elsewhere took inspiration from something already in action on Arbitrum.
Data visualization: https://dune.com/reportbly/state-of-ethereum-scaling Show Less
