Angel Investor Places Bullish Bet on ARB Token, His Largest Portfolio
- Angel investor is bullish on ARB, making it the largest part of his portfolio.
- ARB has increased its TVL dominance by 5.56x and flipped Ethereum’s L1.
- There is no immediate sell pressure on ARB tokens since team unlock is in 2024.
The (ETH) blockchain layer-2 scaling solution, Arbitrum, which recently launched its native token, ARB, has gotten the attention of an angel investor, Mc Kenna, who recently announced that ARB tokens now make up the most significant part of his crypto portfolio.
Kenna, the former head of research at Rok Capital, is particularly bullish about Arbitrum because it is quickly becoming the de facto choice for DeFi projects, with the largest total value locked (TVL), daily transaction count, and users.
Why $ARB is my current largest portfolio holding:Arbitrum is an optimistic rollup layer-2 on Ethereum that is actively capturing Ethereum protocols, users and liquidity.Let’s take a look at network data, it’s growing ecosystem, trading frameworks and the EIP-4844 catalyst… pic.twitter.com/tQcrrCkafH
— McKenna (@Crypto_McKenna) May 12, 2023
Furthermore, Kenna pointed to several factors driving growth on Arbitrum, such as the increased network activity, growing ecosystem, and the no-team unlock until 2024.
As of January 2022, ETH, ARB, and Optimism (OP) had 56.91%, 0.91%, and 0.18% of total TVL, respectively. While the figure for Ethereum has remained relatively the same, current data shows ARB has increased its TVL dominance by 5.56x.
Since the start of 2023, the 7-day rolling transaction count on Arbitrum has increased from 222.7k to 1.45 million, with active addresses increasing from 35.5k to 307k. At the same time, Arbitrum flipped Ethereum’s layer one transaction count and continues to maintain the upper hand.
The crypto investor also highlighted the top ten protocols on ARB by TVL, with the highest gas-consuming entities being Gains Network (GMX), (UNI), Rari Capital (RDNT), and Stake DAO (STG).
Kenna also compared the unlock schedules of Arbitrum to other chains. He expressed that there is no immediate pressure to sell the ARB tokens because the investor and team unlock for Arbitrum will come up on March 23, 2024.
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This story originally appeared on Investing