Arbitrum Slips Below Optimism in Market Cap Despite Leading in Usage Metrics

Arbitrum's governance token ARB dropped to a new all-time low amid Monday's crypto market carnage, causing its market cap to slip below rival Optimism's.
The flipping of the two projects' market caps was due to considerable liquidations of ARB long orders, with $2.2 million liquidated on Sept 11.
Transaction levels on Arbitrum and Optimism have remained consistent despite the price changes, with Arbitrum still leading in daily transactions.
Optimism briefly saw a transaction spike during the Worldcoin launch hype, but has since slipped back below Arbitrum again.
Arbitrum continues to lead substantially in total value locked in DeFi, with over 2.5 times Optimism's TVL.

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9/11/2023

Arbitrum Token Price and Usage Plummet Amid Declining Confidence and Competition from Other Layer 2s

The price of Arbitrum (ARB) tokens experienced a sharp decline of 14.5% due to concerns about governance proposals and declining network activity, potentially impacting the project's overall viability and hindering its growth and adoption.