Jan 3, 2024

Arbitrum’s ARB token neared $2 on Wednesday to set a record high and total value locked (TVL) topped $2.5 billion as traders seemingly trickled to the network in anticipation of it driving the next wave of gains in the crypto market.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Data from Dhi Lama shows the total value locked on arbitra based applications increased by $1 billion since October alongside an increase in net inflows. So what's driving this? It seems arbit Trump's token incentives have contributed to increased attention to the ecosystem in the last week. Users of decentralized exchanges, GMX and gains network have benefited from increased rewards and lower fees as part of the incentives plan which likely improved sentiment for a RB tokens as of 9:30 a.m. eastern time. A RB is trading at around a dollar and 80 cents. That's up almost 20% in the last week. And that's a wrap for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to coindesk.consensus.com to register and buy your pass now.