Arbitrum is undoubtedly one of the stronger performers among Layer 2 "top students," but the continuously declining coin price is its "hard injury," even though its circulating market value has already doubled since its launch. At the same time, although several of Arbitrum's metrics still have a leading advantage among many L2s, its ecosystem data is undoubtedly subsidized by a large distribution of tokens, and this approach has yet to have a significant uplifting effect on the ARB price.