According to blockchain tracking firm Lookonchain, cryptocurrency whales deposited approximately $58 million worth of Ethereum (ETH) layer 2 scaling solution Arbitrum (ARB) onto cryptocurrency exchanges after a large token unlock from the project last weekend.
Look on chain note 11 whales deposited 34 million ARB into the exchange after unlocking.
Arbitrum unlocked 1.11 billion ARB tokens on March 16, according to cryptocurrency tracker TokenUnlocks. This total represents nearly 42% of the asset’s circulating supply.
Blockchain tracking company Lookonchain note 673.5 million ARBs worth $1.37 billion were unlocked for Arbitrum teams, future teams and advisors, and 438.25 million ARBs worth over $894 million were unlocked for investors.
ARB is trading at $1.56 at the time of this writing. The 32nd-largest cryptocurrency asset by market capitalization is down nearly 7.5% in the last 24 hours and 25% in the past week. Scaling solutions are also down nearly 10% since the beginning of the year.
According to decentralized finance (DeFi) tracker DeFi Llama, Arbitrum currently ranks 5th in total value locked (TVL) among all chains, behind Ethereum, Tron (TRX), Binance Smart Chain (BSC), and Solana (SOL). It occupies the top. The project currently has $3.276 billion registered with TVL.
TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
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