ecosystem spotlight: Arbitrum
Arbitrum’s contributions to Garden’s evolution and adoption have surpassed expectations. Let’s celebrate everything we’ve accomplished together over the past few months.
Garden deployed on Arbitrum mainnet on December 12, 2023, and in the months since Arbitrum’s contributions to Garden’s evolution and adoption have surpassed expectations.
At this point, Garden is the largest Bitcoin bridge on Arbitrum, and all signs point to continued growth – particularly as we gear up for the next exciting season! In the meantime, let’s take a moment to celebrate everything we’ve accomplished together over the past few months.
Growing Together
Even before Garden rolled out SEED staking and reward claims on Arbitrum, many users were drawn to Arbitrum due to its impressive performance and cost-effectiveness. WBTC flows on Arbitrum surpassed that of Ethereum for the first time on Jan 10, 2024, and Arbitrum has maintained a strong lead over Ethereum since – both in terms of daily users and bridging volume.
As of Q1 2024:
- Arbitrum accounts for 75.3% of Garden's total volume
- 12,186 BTC has been bridged between Bitcoin and Arbitrum (~$777,611,326 USD value on the date of publishing)
- 15,883 of Garden’s atomic swaps have been executed on Arbitrum
As a result of this success, we’ve decided that future components such as staking, revenue sharing, and governance will be deployed directly on Arbitrum!
The Launch of SEED Staking
SEED staking launched on Arbitrum on March 24, and community turnout has been tremendous!
To date, Gardeners have collectively staked 3,578,400 SEED (~1,431,360 USD value). On an individual level, each Garden user has staked an average of 16,340 SEED, with one enterprising user staking a whopping 298,200 SEED.
As a result, roughly one third of SEED’s circulating supply is now actively staked. And with 2,131,500 SEED burned to date, the token’s free float is shrinking by the day. (hint: grab your SEED while you can!)
Season 2 Rewards
Garden’s Season 2 campaign was a blast, with a total of 6,194.5 BTC bridged across 12,506 atomic swaps. Following this blowout season, participants were eligible to claim their rewards directly on Arbitrum.
As a result:
- Garden users collectively claimed a total of 4,727,747 out of 5 million in S2 rewards
- Each Garden user claimed an average of 12,119 SEED
Onwards and Upwards
All of which is to say, Arbitrum has played a central role in several of Garden’s recent high-profile moments, and will underpin a growing constellation of Garden’s core features and operations.
“Access to Bitcoin has become paramount to many in the Ethereum ecosystem,” said Bharat Vishnubhotla, Senior Partnerships Manager at Offchain Labs.
“Garden's efforts have played a massive role in making this access a reality for Arbitrum, and we've seen both networks flourish since Garden's deployment in 2023.”
Our next stop is the much awaited Season 3! 🌸 We are excited to create a larger impact to the Arbitrum ecosystem. Complete this quest to get the exclusive Seasons Pass before they run out to participate in Season 3.
About Garden
Garden is the fastest way to swap BTC and WBTC, providing a 10x improvement over existing options. It is decentralized, trustless, audited and not a real garden.
Join our garden townhall to chat with other gardeners about what plants are the best for harvest.
