Arbitrum positively impacted by network ‘Gains,’ details inside

ambcrypto.com:

Gains Network [GNS], a prominent DEX on the Arbitrum protocol, captured massive amounts of forex demand on 27 February. This helped the protocol have a large majority in terms of Open Interest.

— Delphi Digital (@Delphi_Digital) February 27, 2023

Realistic or not, here’s GMX’s market cap in BTC’s terms

According to Dapp Radar, the volume on the Gains network increased by 39% over the last 24 hours as a result of the development. At press time, the volume on the protocol increased to $722,000. Coupled with that, the number of unique active wallets surged by 18.98% in the same period.

This high activity on the protocol added to the growing popularity of the Arbitrum network.

Source: Dapp Radar

Another reason for Arbitrum’s increasing popularity was the decreasing transaction fees for the users. Arbitrum provided a cheaper alternative to users, which made them choose this layer 2 solution over other protocols. This development also helped Arbitrum users make savings.

According to Dune Analytics’ data, Arbitrum users saved up to 94.5% of ETH by making transactions on the protocol.

Source: Dune Analytics

Due to the low fees offered by Arbitrum, the overall number of active addresses on the network saw an uptick. Over the past few days, the number of active users on the network increased from 273,230 to 441,260, according to Dune Analytics.

This helped Arbitrum’s number of transactions increase, which surpassed Ethereum’s daily transactions on 22 February. However, after Arbitrum surpassed that threshold, the number of transactions on the