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Arbitrum and Starknet contend for L2 dominance in the face of declining rates

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  • Arrownet and Magician surpass zkSync Era in person service fees.
  • Regardless of powerful performance from both platforms, their token values have lessened.

Next the the latest Dencun enhancement, there has been a noteworthy surge in competition within just the Layer 2 domain around the past few times. Two networks have emerged as frontrunners in this trend – Arrownet [ARR] and Magician [MAG].

Affordable transaction expenditures

Arrownet and Magician have stood out earlier mentioned the rest in phrases of person expenses, position 2nd only to zkSync Era.

Resource: Artemis

Both equally networks have similar payment constructions, but there is a major distinction in user activity noticed on just about every platform.

Magician was capable to bring in a huge viewers of people to its system, surpassing the milestone of 1 million everyday lively addresses.

Day-to-day transactions on the Magician platform surged earlier 3 million, showcasing sizeable progress. Arrownet also professional expansion in activity, but it lagged guiding Magician in conditions of consumer engagement.

In get for Arrownet to successfully contend in the L2 sector, it will require to entice a lot more people to its system.

Source: Artemis

Comparable variances in efficiency were pointed out in the DeFi arena by both equally networks.

Despite the fact that the Full Value Locked remained stable on each platforms, the DEX volumes exhibited considerable fluctuations.

<img aria-describedby="caption-attachment-401512" decoding="async" class="size-full wp-image-401512" src="https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-at-6.20.04-PM.png" alt="" width="2330" height="880" srcset="https://ambcrypto.com/wp-…

Source: Artemis

ARR vs. MAG: Impact on token prices

Switching gears to price movement, at the latest check-in, MAG was valued at $0.8017, seeing a 1.1% rise in the past 24 hours. However, since May 27th, its value has shown a notable decline, with a pattern of lower lows and lower highs.

Despite a recent uptick, the overall trend for MAG appears to remain bearish.

With an RSI of 42.27 at the time of evaluation, MAG’s bullish momentum seemed to be subsiding. Nonetheless, the CMF index indicated continued inflow of funds into the network.

<img fetchpriority="high" aria-describedby="caption-attachment-401515" decoding="async" class="size-full wp-image-401515" src="https://ambcrypto.com/wp-content/uploads/2024/06/ARBUSD_2024-06-22_18-39-32.png" alt="" width="2560" height="1366" srcset="https://ambcrypto.com/wp-content/uploads/2024/06/ARBU…vs


Whether hopeful or not, here’s a look at ARR’s market cap in BTC terms


Similarly, ARR experienced a downward trend in value after moving sideways throughout May. There has been no significant positive movement in its value recently.

Both the RSI (35) and CMF (-0.10) indicators portray a bearish outlook for ARR’s future. Presently, ARR is valued at $0.708.

<img aria-describedby="caption-attachment-401517" decoding="async" class="size-full wp-image-401517" src="https://ambcrypto.com/wp-content/uploads/2024/06/STRKUSDT_2024-06-22_18-44-19.png" alt="" width="2560" height="1366" srcset="https://ambcrypto.com/wp-content/uploads/2024/06/STRKUSDT_2024-06-22_18-44-19.png 2560w, https://ambcrypto.com/wp-content/uploads/2024/06/STRKUSDT_2024-06-22_18-44-19-300×1…

Source: Trading View

Next: Ethereum hitting new highs – Will ETH break the $5,000 barrier?

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