Layer 2 networks are the talk of the crypto world. With Coinbase recently sharing its plans for Base, the excitement around these solutions is only growing. While many Layer 2 networks are still in development, one platform is already making waves.
Arbitrum, a Layer 2 solution that surpassed Ethereum in daily transactions lately, is quickly becoming a go-to choice for developers and users alike. In fact, the number of unique addresses on Arbitrum’s network has already reached an all-time high of about 2.95 million addresses in the first quarter of 2023.
In this blog, we dive into the top 5 projects building on top of the Arbitrum blockchain. Whether you’re a crypto trader, an NFT enthusiast, or a gamer, there’s something for everyone in the growing ecosystem of projects building on top of Arbitrum.
Warning: Our top project recommendations on Arbitrum are only for informational purposes and not financial advice. Research thoroughly and consult with a financial professional before making any investment decisions. The cryptocurrency market is highly volatile, so prioritize asset security and follow safety measures when investing in cryptocurrencies.
Top 5 Coins on Arbitrum
1) GMX
Why did we pick GMX?
With its zero price impact trades, limit orders, low swap fees, and safe positions from liquidations, GMX has become the leading perpetual exchange in DeFi, attracting a significant number of active users and building strong partnerships in the cryptocurrency space.
Company Overview
GMX is a leading perpetual contract trading platform for top cryptocurrencies, launched in September 2021 by anonymous founders. Unlike decentralized spot exchanges, GMX allows users to trade perpetuals, take long and short positions, and get leverage of up to 50x by depositing collateral.
The platform has become a popular destination for degens due to zero price impact trades, limit orders, low swap fees, and safe positions from liquidations. As of March 1st 2023, GMX has a total trading volume of $45,110,523,486 and 47,923 active users, making it the top dApp on Arbitrum by TVL and the leading perpetual exchange in DeFi.
GMX has recently partnered with BitKeep Wallet and FactorDAO, and over 35 protocols are building on GMX, indicating its growing influence in the cryptocurrency space.
Utility of GMX token
The GMX token is a utility and governance token used for voting on proposals and decision-making. Stakers of GMX receive three types of rewards, including 30% of generated protocol fees paid in ETH or AVAX, escrowed GMX tokens that can be vested or staked, and multiplier points that boost yield and encourage long-term holding.
2) GNS (Gains Network)
Why did we pick Gains Network?
We selected Gains Network (GNS) as one of the top projects on Arbitrum due to its innovative and decentralized derivatives trading platform, gTrade. With a unique design that enables a variety of products and high leverage, GNS has captured sustained forex demand, making up the majority of open interest.
Company Overview
Gains Network is a derivatives trading platform based on a decentralized model that provides a secure, transparent, and exceptional trading experience for its users. The project was founded in October 2021 by an anonymous founder, Seb.
Its derivative platform, gTrade, which was initially built on the Polygon network, has now expanded to Arbitrum to offer a wide range of tradable assets beyond cryptocurrency majors, including large-cap US stocks and multiple forex trading pairs. It uses a unique design to enable a variety of products and high leverage despite maintaining only a small pool of locked liquidity, giving it an edge in the competition.
Utility of GNS token
GNS is the native and utility token of Gains Network, fueling the gTrade platform and serving as a liquidity efficiency mechanism. Once Gains Network’s decentralized government launches, it will also function as a governance token in the upcoming DAO, giving holders the power to govern the protocol.
3) Magic (Treasure)
Why did we pick Treasure?
We have chosen Treasure (Magic) as one of the top 5 projects on Arbitrum because of its strong position in the NFT market. Its NFT marketplace, Trove, has already driven over $250M+ in total market volume to date. Binance has also listed the Magic token in the Innovation Zone.
Company Overview
Launched in September 2021, Treasure is a decentralized NFT ecosystem built specifically for metaverse projects on the Arbitrum network. Treasure’s co-founders, John Patten and @gaarping, drew inspiration from Loot in creating a decentralized system where users can develop their own worlds and storylines, known as Lores. One of the founders’ visions is to build a decentralized OpenSea competitor.
At its core is Bridgeworld, a central metaverse with three components: Treasures (NFT), Legions (NFTs), and $MAGIC (Tokens). While Bridgeworld is the metaverse of the native Treasure game and project, the ultimate goal is for Treasure to be the building blocks and connection points for multiple metaverses and projects.
Utility of Magic token
$MAGIC is the native utility token of the Treasure NFT marketplace, which is used for mining, quests, and transactions within the Bridgeworld Metaverse. It will also serve as the bridge currency for future projects within the ecosystem.
4) RDNT
Why did we pick Radiant Capital (RDNT)?
Radiant Capital (RDNT) has made it to our top projects building on Arbitrum list due to its commitment to building a robust and reliable decentralized finance platform. It will allow users to deposit major assets from various blockchains and borrow supported assets from different networks, including insurance tokens and other financial products. Its working relationship with LayerZero Labs also adds to its credibility.
Company Overview
Launched in July 2022, Radiant Capital is a non-custodial lending protocol that operates on Arbitrum. The objective of this platform is to establish itself as the foremost omnichain money market built on top of LayerZero, ensuring rapid and secure exchange of diverse digital assets.
Additionally, it has a working relationship with Layer Zero Labs and is dedicated to constructing a strong and trustworthy decentralized platform that will allow users to deposit or borrow supported assets from multiple chains.
Utility of RDNT token
RDNT is a native utility token for Radiant Capital’s non-custodial lending protocol on Arbitrum. It serves as the governance token, staking reward, and a share of platform fees for users who provide liquidity.
5) SYN
Why did we pick Synapse (SYN)?
Synapse (SYN) allows developers to build cross-chain applications such as DEXs, lending platforms, and yield aggregators. The platform’s recently introduced cross-chain bridge assets, nUSD and nETH, has solidified its commitment to creating a seamless and interconnected blockchain ecosystem.
Company Overview
Synapse (SYN) is a cross-chain liquidity network that facilitates interoperability between various blockchains, making it possible for developers to build cross-chain applications such as decentralized exchanges (DEXs), lending platforms, and derivatives markets. Its Synapse Bridge offers an extensible communication protocol that supports assets, smart contract calls, and more across different blockchains.
Additionally, the company has introduced two cross-chain assets: nUSD and nETH. nUSD is a cross-chain bridge asset fully backed by the Nexus stablecoin liquidity pool on Ethereum, while nETH is a cross-chain asset pegged to ETH and fully backed by the Nexus ETH on Ethereum, enabling fast bridging of ETH to and from L2 networks such as Arbitrum.
Utility of SYN token
The SYN token is used as an incentive for liquidity providers, for voting on community governance decisions, and as the native token for transaction fees on the Synapse network.
RocketX: The Ultimate One-Stop-Shop for Trading and Swapping Top 5 Arbitrum Coins
RocketX is a leading CEX and DEX aggregator that offers traders and investors access to the top five Arbitrum coins – GMX, GNS, Magic, RDNT, and SYN – all in one place. The platform uses an advanced algorithm that scans both decentralized and centralized exchanges constantly, ensuring that you get the best possible rates without having to waste time checking multiple exchanges manually.
RocketX’s one-stop-shop platform allows users to trade and swap these popular cryptocurrencies with ease and convenience, eliminating the need for multiple platforms and accounts.
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