- Arbitrum recorded impressive growth in its DEX transaction volume.
- Daily active users on Arbitrum skyrocketed in February.
Mediation Added another feather to your cap after you eclipsed Decentralized Exchange (DEX) volume bnb chain In the last 24 hours, a DeFiLlama tweet revealed this.
After gaining 10.77% this week, Arbitrum now has the second highest DEX volume on our volume dashboard. pic.twitter.com/aftwpVuIok
– Defilama.com (@DefiLlama) February 17, 2023
Additional data from the tweet highlighted that Layer-2 solutions recorded approximately $440 million via DEX transactions in a 24-hour period, compared to $410 million for BNB. Arbitrum DEX volume has increased by more than 10% in the last week.
This was an impressive feat considering that the BNB chain had a much larger user base than other chains, according to Data. token terminal.
These DeFi protocols are inspiring
Arbitrum’s performance in the DeFi space is a late appearance and has been primarily driven by popular protocols such as gmx and Camelot.
Consider this: GMX, Evernote’s largest decentralized exchange, owns approximately 30% of the total value locked (TVL) on the Arbitrum network. Arbitrum’s TVL increased due to the change in GMX’s activity Avalanche (AVAX) for his series. According DeFillamaTVL increased by approximately 43% in February.
Also, Camelot, a new on-chain DEX, has created quite a buzz in the DeFi space. Camelot’s TVL has grown from just over $22 million in early February to $63.56 million as of this writing, nearly tripling in value. Camelot’s native token GRAIL is up a staggering 900% in the last 30 days. coin market cap.
Token airdrop soon?
Arbitrum has been a strong performer when it comes to its key indicators. Daily active users on the chain rose nearly 80% in February, while it also hit a six-month high on February 16.
The rapid increase in the number of users brought on-chain validation fees to almost 110k, an increase of more than 300% from the previous week. The increase in network traffic bodes well for the future of blockchain.
Source: Token Terminal
With an increase in trading activity on the Arbitrum network, speculation of a token airdrop began to circulate on social media. A community member expressed confidence that the airdrop would happen soon. However, nothing official has been revealed yet.
community wants a $arb airdrop.
The appetizer was delicious, ready for the main course.@Decision 💙🧡 pic.twitter.com/i2MmRsl4ja
—Petabyte (@CryptoPeta) February 16, 2023
