The blockchain of Arbitrum has recorded an increase of 16,680% in daily revenue, compared to the previous day. The reason for this spike is the launch of the ZRO token by LayerZero.
Summary
Arbitrum: daily revenues up by +16.680% thanks to the launch of the ZRO token
According to the reported data, it seems that the Arbitrum blockchain has recorded an increase in daily revenue of +16.680% compared to the previous day.
The record reached on June 20th turns out to be 3.43 million dollars, compared to the “mere” $20,440 of the previous day.
Another record for the blockchain of Arbitrum concerns its profits, which have risen up to 3.29 million dollars.
Behind this surge seems to be the launch of the ZRO token by LayerZero, which took place on June 20th.
“The request for ZRO is active. https://layerzero.foundation/claim. Supported chains: Ethereum, Arbitrum, Optimism, Base, Polygon, BNB Chain, and Avalanche.”
On the contrary, however, the price of ARB does not seem to follow the wave of increases, but rather, at the time of writing ARB is worth $0.80, in a dump of -5% in the last 24 hours and -15% in the last 7 days.
Arbitrum: the increase in its daily revenues and the launch of LayerZero’s ZRO token
While on one hand, Arbitrum is conquering daily revenue, the LayerZero and the launch of its token ZRO has instead collected several criticisms for its mandatory donation mechanism.
“Today LayerZero introduces a new claim mechanism called Proof-of-Donation, which will lead to donating ~18.5 million dollars to @ProtocolGuild, a collective funding mechanism for Ethereum developers. Protocol Guild and the core developers of Ethereum have been fundamental to the growth of LayerZero, fostering the proliferation of the EVM, Ethereum’s L2-centric roadmap, and the crypto ecosystem in general. By donating to Protocol Guild, eligible beneficiaries demonstrate long-term alignment with the LayerZero protocol and a commitment to the future of cryptocurrencies. To claim ZRO, users must donate 0.10 dollars in USDC, USDT, or native ETH for ZRO. This small donation goes directly to the Protocol Guild. The LayerZero Foundation covers all donations up to 10 million dollars. “
In practice, LayerZero has introduced the Proof-of-Donation with the goal of donating approximately 18.5 million dollars to the collective funding mechanism for Ethereum developers, Protocol Guild.
Specifically, users who want to request their ZRO will have to donate obligatorily $0.10 in USDC, USDT, or native ETH for ZRO.
This mechanism would have driven up the average gas fees on the blockchain, which reached 89 cents, compared to the typical fee of less than 1 cent.
Not only that, LayerZero has maintained from the beginning that the launch of its token “is not an airdrop”. Just like ARB, the price of ZRO has dropped by -20% in the last 24 hours. At the time of writing, ZRO is worth $3.18.
The 215 million dollars for crypto gaming
Also in this month of June, Arbitrum has made headlines for having approved the proposal to allocate 225 million ARB tokens for crypto gaming.
Specifically, it is about 215 million dollars to be distributed over three years through the new Gaming Catalyst Program (GCP).
At the moment, Arbitrum is the largest layer-2 of Ethereum, followed by Base which recently took the second place from Optimism.
