I've been tracking Arbitrum's onchain activity closely, and it's becoming clear the ecosystem is entering a new growth phase built on real fundamentals. The past few months have been massive for Arbitrum. It doubled down on fundamentals like liquidity depth, incentive alignment, and real yield. Here are some key milestones: • Surpassed $2B all-time transactions. • Facilitated $27.13B in peer-to-peer stablecoin transfers in October. • Attracted 1.37M users in the past 7 days. • Stablecoin supply has recently surpassed $5 billion. • Weekly DEX volume on Arbitrum hit $9.4 billion. • RWA TVL on Arbitrum surged over 180% in the past month, fueled by tokenizations like Exodus stock. • Core protocols like Pendle, GMX, Camelot, and Silo have seen renewed activity. • The DRIP S1 program is directly targeting liquidity efficiency, fueling credit and yield layers like Morpho, Euler, and Dolomite. • Arbitrum Orbit continues to expand modular rollups, giving teams custom scaling while keeping liquidity anchored to the main chain. These metrics highlight more than raw activity; they reflect a network compounding liquidity, user engagement, and real economic throughput. It's clearly not just about farming incentives, but about compounding liquidity and utility across lending, restaking, perps, and automation layers. The growth flywheel looks intact: More builders → deeper liquidity → higher real yield → stronger user retention. That's sustainable DeFi momentum.