Top 7 Projects on Arbitrum Network
Arbitrum is a Layer 2 solution for the Ethereum blockchain that has been the foundation for numerous DeFi projects and applications.
DefiLama reports that Arbitrum's TVL stands at $2.2 billion. After the release of the ARB token, the Arbitrum team allocated a lot of funds to incentivize certain platforms. As a result, early adopters of these applications may receive a retroactive reward if they actively utilize them.
We've gathered a list of the seven most prominent projects on Arbitrum that are experiencing rapid development and are being actively utilized by users.
Arbitrum Bridge
This is the official cross-chain bridge that enables funds transfer between the Arbitrum, Arbitrum Nova, and Ethereum networks.
Those who were actively using this dApp had the greatest chance of retroactive reward at the time of the ARB token release, which was listed on March 23, 2023. Their engagement with the platform was a key factor in determining their eligibility for the airdrop.
Arbitrum’s cross-chain bridge capabilities
GMX
This decentralized platform is specifically designed for trading cryptocurrency derivatives, including futures. It is accessible on both the Avalanche and Arbitrum networks, and provides traders with the opportunity to leverage their positions up to 50x. Additionally, the platform features swap token options, earning programs, and a referral program to incentivize participation.
The GMX platform continues to grow in popularity, with its TVL recently surpassing $575 million. CoinGecko reports that the platform's native token, GMX, has a market capitalization of $600 million. This makes it the 77th largest cryptocurrency on the market. And the token's value has increased by 200% since November 2022.
GMX trading platform user interface
Uniswap
The largest decentralized exchange on the Ethereum blockchain, expanded even further in September 2021 by adding the Binance Smart Chain (BSC) to its platform. This has enabled Uniswap users to execute faster transactions at lower costs.
At present, the Uniswap DEX on the Arbitrum network has amassed more than $300 million worth of locked assets.
The user interface of Uniswap on Arbitrum Network
Radiant
Radiant is a lending protocol that provides loans, cryptocurrency credit, and interest-bearing deposits. The platform allows users to borrow stablecoins against their own cryptocurrencies as collateral, or to lend their coins to potential borrowers for a return on their investment. Annual interest rates on loans range from 2% for popular cryptocurrencies such as USDT, ETH, and BTC, to 7-15% for other cryptocurrencies like DAI and RDNT.
Radiant's Total Value Locked (TVL) currently stands at $130 million. The platform has its own native token, RDNT, which users can stake within the platform and use for DAO voting. RDNT's market capitalization is $83 million.
Radiant homepage
AAVE
A lending protocol that operates on multiple networks, including Arbitrum, Ethereum, Harmony, and Optimism, offers a range of cryptocurrency lending options and allows users to lend their coins to others at interest rates of 2-10% per annum. The platform also provides the opportunity to increase rewards by up to 30% through staking AAVE and ABPT tokens.
AAVE is one of the largest credit protocols on the Ethereum blockchain, with over $8.5 billion locked across all EVM networks. In the case of the Arbitrum blockchain, the total value locked (TVL) on the platform within this network is $150 million.
Camelot
This is a decentralized platform designed specifically for the Arbitrum network. Users can exchange tokens, launch their projects on the internal launchpad, and stake the platform's native token, GRAIL, to receive allocations in token sales.
Camelot's total value locked (TVL) currently stands at $105 million, with a daily trading volume of $13 million. In the wake of ARB token listing, the Camelot platform was allocated approximately 2 million ARB tokens by its developers to cover ecosystem development and operational expenses, which translates to around $2.6 million at the current ARB price. There is a possibility that a portion of these tokens may be distributed to the exchange's crypto community for various platform activities.
Trading activity statistics on Camelot platform.
Stargate
A cross-chain platform that facilitates exchanges on multiple EVM networks, including Arbitrum, Metis, and Optimism. Users can also stake tokens, earn 6% APY in stablecoin farming, and participate in project governance via STG tokens.
On the Arbitrum network, Stargate has a TVL of $106 million and its native token, STG, has a market capitalization of $138 million.
Stargate: the cross-chain token transfer tool
Remember, while the potential rewards for active engagement with these platforms are certainly enticing, it's always important to proceed with caution in the rapidly evolving world of cryptocurrency. After all, as they say, with great rewards comes great responsibility (and risk management).
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