Weekly Recap！A week for Arbitrum

Ethereum Layer 2 scaling protocol Arbitrum was officially launched on Sep1st. Its on-chain data is growing fast. The total value locked in Arbitrum has surpassed $1.47b on Sep 11st and continued breaking $1.5b on Sep 12nd. 

The trading volume of options on the Open exchange increased significantly this week, reaching $1.44m. 

NFTs market is not active as in previous weeks. OpenSea's daily volume has fallen back to the average level of early August, and weekly volume fell by more than 50% compared to the previous week. The top10 trading volume NFTs dropped significantly: CryptoPunks (-83%), Bored Ape Yacht Club (-57%) and Axie Infinity (-5.3%). 

However, the new projects of NFTs are still brewing. Andre Cronje’s rarity attracted a lot of attention last week. Many contributors helped developed new tools for the on-chain little game. Sipher, an NFT and metaverse project based on Ethereum, announced minting on Sep 9, which caused a network junction making the gas-fee boosting to 2,400 Gwei. 

Solana ecosystem also saw a boom with some significant signals. Saber, the stable coin swap DEX on Solana, breaks $2.36b TVL becoming the highest TVL protocol on Solana. Lido Finance, a protocol to unlock the liquidity of staking assets, has officially supported Solana.   

Although the price fluctuated in the past week, the public chain market is pushing the DeFi ecosystem building backed by huge funds. There were two $300m DeFi fund incentive plans launched by Harmony and Algorand respectively. We have very expected the future ecosystem of those blockchains.

Want to know more about what happened this week? Check out the latest DeFi Weekly by TokenInsight.