Despite a quite flat number of active users over the year, Arbitrum One has seen significant growth in its Total Value Locked (TVL) over the past year. Data suggests it more than doubled, climbing from $1.7 billion in Mar 2023 to over $3.4 billion by Mar 2024. This surge in locked assets has fueled the rise of the ARB token, Arbitrum One's native cryptocurrency.

The spike in weekly transactions is connected to one of the most recent outages in the blockchain, which occurred in December. These outages have been caused by problems with the blockchain’s Sequencer — a part of the network used to verify, organize, and transfer transaction bundles to the Ethereum mainnet for finality.

Conclusion: While user adoption may not be exploding, Arbitrum One is attracting growing investment. This suggests strong confidence in the platform's ability to handle valuable assets, potentially paving the way for future user base expansion.