Angel Investor is placing a bullish bet on ARB Token, its largest portfolio
- The angel investor is bullish on the ARB, making it the largest part of his portfolio.
- ARB increased its dominance of TVL by 5.56x and flipped L1 from Ethereum.
- There is no immediate selling pressure on ARB tokens since the team opened in 2024.
The blockchain layer (ETH) scaling solution, Arbitrum, which recently launched its native token, ARB, has been getting attention from angel investor, Mc Kenna, who recently announced that ARB tokens now make up the most significant part of his cryptocurrency portfolio.
Kenna, former head of research at Rok Capital, is particularly optimistic about Arbitrum because it is fast becoming the de-facto choice for DeFi projects, with the largest total value (TVL), number of daily transactions, and users secured.
Why $ARB is my largest custodial wallet: Arbitrum is an optimistic backlog layer-2 on Ethereum that effectively captures Ethereum protocols, users and liquidity Let’s take a look at network data, growing ecosystem, trading frameworks and EIP-4844 catalyst… pic .twitter.com/tQcrrCkafH
– McKenna (@Crypto_McKenna) May 12, 2023
Further, Kenna cited several factors driving growth at Arbitrum, such as increased network activity, a growing ecosystem, and a teamless opening until 2024.
As of January 2022, ETH, ARB, and Optimism (OP) accounted for 56.91%, 0.91%, and 0.18% of the total TVL, respectively. While the Ethereum figure has remained relatively the same, current data shows that ARB has increased its dominance over TVL by 5.56x.
Since the beginning of 2023, the number of 7-day rolling transactions on Arbitrum has increased from 222.7k to 1.45m, with active addresses increasing from 35.5k to 307k. At the same time, Arbitrum has reversed the number of transactions in the first layer of Ethereum and continues to maintain the upper hand.
The crypto investor also highlighted the top 10 protocols on ARB by TVL, with the top gas consuming entities being Gain Network (GMX), Gain Network (UNI), Rari Capital (RDNT), and Stake DAO (STG).
Kenna also compared Arbitrum’s opening schedules with other chains. He expressed that there was no immediate pressure to sell ARB tokens because the investor and team opening for Arbitrum would come out on March 23, 2024.
Angel Investor After placing an upward bet on an ARB Token, his largest portfolio debuted on Coin Issue.
