CryptoWhales has acquired Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB) around 58 million yen after the project made a large token unlocking over the weekend, according to blockchain tracker Lookonchain. He reportedly deposited the equivalent of US dollars on a virtual currency exchange.
look on chain Note After unlocking, 11 whales deposited 34 million ARB on the exchange.
According to crypto tracker TokenUnlocks, Arbitrum unlocked 1.11 billion ARB tokens on March 16th. This total represents almost 42% of the asset's circulating supply.
Blockchain tracking company Lookonchain Note 673.5 million ARB worth $1.37 billion was unlocked for the Arbitrum team, future teams and advisors, and 438.25 million ARB worth more than $894 million was unlocked for investors .
At the time of writing, ARB is trading at $1.56. The 32nd-ranked cryptocurrency by market cap has fallen nearly 7.5% in the past 24 hours and 25% in the past week. Scaling solutions are also down nearly 10% year-to-date.
According to DeFi Llama, a decentralized finance (DeFi) tracker, Arbitrum is currently on top of Ethereum, Tron (TRX), Binance Smart Chain (BSC), and Solana (SOL) in terms of Total Value Locked (TVL). It is then ranked 5th among all chains. The project currently has a TVL value of $3.276 billion.
TVL refers to the amount of capital deposited within a protocol's smart contracts and is often used to measure the health of a cryptocurrency ecosystem.
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