Arbitrum Outperforms in DeFi Race: Whales Accumulate Tokens on Chain

• Arbitrum has outperformed other protocols in terms of Total Value Locked (TVL) over the last month.
• Whales have accumulated some tokens under the chain showing buying opportunities.
• The protocol has gained 44.95% in the past 30 days and contracts created under its ecosystem stood at 1.7 million at press time.

Arbitrum Outperforms Other Protocols

The Arbitrum TVL has outperformed others in the last month, with a total value locked of $1.95 billion and an increase of 44.95% in the last 30 days. This made it fourth on the list behind Ethereum, Tron [TRX], and Binance Smart Chain, and showed that there had been more unique deposits into Arbtirum than any other protocol.

Whales Accumulate Tokens

Whales have taken advantage of this growth by accumulating tokens under the chain, indicating potential buying opportunities for smaller investors. Lookonchain reported that a whale had bought 28,762 $GMX ($1.9M) and 59,064 $GNS ($420K) from #Binance in the past week and staked them, displaying confidence in decentralized derivatives projects within the Arbitrum ecosystem.

Arbitrum Contracts

At press time, 118200 contracts had been created under the Arbitrum ecosystem with a cumulative metric of 1.7 million defining the rate at which readable smart contracts are being developed; however, this momentum does not seem to be exceptional yet as active addresses remain low compared to other protocols like Optimism [OP].

Competition With Optimism

Despite this success, Layer-two protocol (L2) Arbitrum is still almost always at loggerheads with its competitor Optimism [OP]. However, Arbitrum seems to be winning the race due to its position as per Total Value Locked (TVL).

Future Prospects

The whales‘ accumulation indicates that they trust Arbitrums strides could drive tokens to greens while also providing an opportunity zone for retail investors; however, whether it will maintain or even increase these gains remains to be seen in future months as competition continues between both protocols for dominance within DeFi space.