Arbitrum ‘Slow-Slow’ Climbs Up, TVL Surpasses $10 Billion!

<p>&nbsp;"The ARB will only be launched in 2023, but it has already shown very impressive achievements compared to the others."</p><p><br /></p><p>The entire cryptocurrency market is increasingly paying attention to Arbitrum (ARB) which is climbing slowly to reach more than $2 on January 3, 2024 from $1.15 on December 22 last year.</p><p><br /></p><p>This is because Arbitrum One's Total Value Locked (TVL) saw a remarkable increase of approximately 15.9% reaching $10.22 billion in the last seven days which makes it the first layer-2 chain to cross $10 billion TVL.</p><p><br /></p><p>The milestone was due to an incident on December 15, 2023, where Arbitrum One faced a partial outage* for two hours following the ascent of Bitcoin Ordinals-inspired inscriptions which led to the originator's termination of the sequencer**.</p><p><br /></p><p>*Reduction in the Unit's electrical generation output or delay in the Unit reaching full power generation.</p><p><br /></p><p><br /></p><p>**Responsible for structuring transactions and he records transactions on his local blockchain platform.</p><p><br /></p><p>It is known that ARB holds a diverse digital asset portfolio, including 30.9% in Ethereum (ETH), 23.68% ARB, 29.66% allocated to stablecoins and the remaining 15.76% spread across various other cryptocurrencies.</p><p><br /></p><p>So here we can see that Arbitrum One's success can be attributed to its attempt to replicate the ETH experience while offering much lower transaction costs that can attract a large number of decentralized applications (dApps).</p><p><br /></p><p>The implementation of ARB which functions as a governance token has contributed significantly to the growth of the platform including empowering holders to take part in the decision-making process regarding the development and foundation of the platform.</p><p><br /></p><p>As of this writing, ARB's price has climbed 9.73% to $1.94 in the past 24 hours with market capital worth $2 billion and has recorded a 26.64% climb in the past seven days.</p>