Arbitrum's ARB token reached a new all-time high of nearly $2 on Wednesday, with a total value locked of over $2.5 billion. The surge in price, up 10% in the past 24 hours, has outperformed the broader crypto market, while on-chain volumes on Arbitrum-based applications surpassed $920 million. The influx of traders to Arbitrum has surpassed Solana-based applications, which boomed after a meme coin-led frenzy in December. The token incentives offered by Arbitrum have contributed to increased attention towards ecosystem plays, with users of decentralized exchanges GMX and Gains Network benefiting from increased rewards and lower fees.