Arbitrum Ecosystem Tokens Decline From Historic Rally Ahead of Nitro Upgrade
AUG 31, 2022 ⢠4 Min Read
šØ In Case You Missed It
- FBIĀ asks DeFi investors to do their own research, check for code audits, and beware of open sourced code.
- Sei Network announces $5 million funding round, led by Multicoin Capital.
- OptiFi, an options trading protocol on Solana, accidentally shuts down and locks $661k in user funds forever.
- Arbitrum developers announce the launch of Nitro upgrade set for today, August 31st.
- Compound Finance freezes ETH money market due to code error while updating its Chainlink price feeds.
š Arbitrum Ecosystem Tokens Decline Ahead of Nitro Upgrade
- Tokens issued by Arbitrum ecosystem projects have been on a historic rally over the past two months. However, the uptrend seems to have ended three weeks ago.
- Since the beginning of July, token prices have increased between 2-5x to hit all-time highs during the week of August 8-13th. However, prices have declined up to 58% since then.
- The best performer during the bull run has been Cap Finance, a leveraged trading platform. The CAP token increased by 539% to hit an all-time high on August 8th.
- The best performer after the bull run ended has been GMX, also a leveraged trading platform. The projectās GMX token has declined only 4% since hitting an all-time high on August 10th.
- Arbitrum launched the Odyssey program on June 21st to incentivize activity by issuing NFTs to participating users. The following week, Odyssey was paused as too many transactions caused higher than normal gas fees.
- With todayās Nitro upgrade, Arbitrum is expected to significantly increase capacity and make transactions consistently cheaper. The network is also expected to resume Odyssey after todayās upgrade.
- For more on Arbitrum, Delphi members can read our Delphi Pro report here.
ā” Itās SAFE to Say Gnosis is a Monopoly

- Multisigs have become a critical piece of infrastructure for facilitating trustless collaboration for asset management and smart contract management alike.
- Over the past few years, Gnosisā multisig solution has come to dominate this sector, with the term āmultisigā becoming almost synonymous with Gnosis Safe. As of now, Gnosis Safe contracts secure $39.5B worth of crypto assets.
- The growth of Gnosis Safe has been meteoric. Dune Analytics data shows that users have createdĀ 91k+Ā Safes since the protocol went live in 2019.

- The chart above shows that the number of SafesĀ createdĀ per week has been steadily increasing. In one week during 2022, we saw more than 9k Safes created.
- These numbers speak to its broad adoption and hammer home the pervasiveness of Gnosis Safes. For comparison, DAOhaus, a DAO platform that allows for multi-party asset custody, has 2.6k DAOs using its platform.

- When we look at the number of transactions these Safes are processing, growth has been tremendous over the last two years.
- Currently, Safes are signing almost 40K transactions per week. Transactions peaked in Apr. 2022 with 45K signed transactions during a single week.
- For more on Gnosis, Delphi members can read our Delphi Pro report here.
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ā Greg Di Prisco | gdip.eth (@g_dip) Aug 31, 2022
Underrated Projects on Arbitrum
Arbitrum has been popping off recently, and itās not just GMX and DeFi bluechips that have driven adoption.
Today I put out a call for small, underrated projects on Arbitrum.
After some investigation, here are 5 interesting projects on the L2 that Iām excited about:
ā Jack Niewold š«” (@JackNiewold) Aug 30, 2022
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1/ Decentralized exchanges are one of the three pillars alongside money markets and a decentralized stablecoin that is the bedrock on which DeFi is built. Today I will cover three different varieties of DEXes on the Fantom Ecosystem. Letās dive inš„½
A š§µ
ā FantomIntern (@Fantom_Intern) Aug 30, 2022
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