2/7 🔹Arbitrum’s sequencer revenue is heavily DeFi-dependent 🔹DeFi + CeFi (mostly MEV bots) make up 42.8% of daily gas use — and DeFi's true impact is likely >50% when accounting for congestion + stablecoin flows 🔹Revenue is concentrated, 46.4% of revenue came from just 10 days — driven by DeFi volatility + MEV 🔹Top 3: GMX, Vertex, Uniswap = 27% of fees 🔹Since Dencun, lower fees have led to a surge in CeFi transactions, which now represent 21.8% of revenue — surpassing DeFi's 20.4%