Arbitrum Native Decentralized Exchange Camelot Growing Massively In February
Key Points:
- Since its introduction at the end of 2022, Camelot, a relatively new decentralized exchange (DEX) on the Arbitrum network, has experienced tremendous development. According to Camelot’s analytics page, daily trading volume has increased 369% since February 1 and reached $18 million on Friday at press time.
- The recent increase in users and transaction volume is related to the release of TROVE, the governance token for the Arbitrove yield-bearing index system, which is also based on Arbitrum. On Friday, February 17, TROVE went up for public auction on Camelot. It will conclude on Monday, February 20, at 9 a.m. EST (14:00 UTC).
- According to DeFiLlama and Nansen, GMX, the largest project on Arbitrum with a focus on financial derivatives, has 356% more transactions than Camelot in the last 30 days and a TVL of $505 million, which is 794% larger than Camelot’s.
Since its introduction at the end of 2022, Camelot, a relatively new decentralized exchange (DEX) on the Arbitrum network, has experienced tremendous development. According to Camelot’s analytics page, daily trading volume has increased 369% since February 1 and reached $18 million on Friday at press time.
The price of GRAIL, the native token of Camelot, has also increased. According to CoinCu, its price recently reached $2,833.47, up 520% this month. The number of users and transactions on Camelot have increased by more than 120% in the last day, claims blockchain analytics company Nansen.
The most significant Ethereum layer 2 scaling solution, Arbitrum, has also made recent advancements that are similar to those made by Camelot. In terms of total value locked (TVL), it is also the fourth-largest blockchain overall, with a transaction volume that exceeds even Ethereum’s.
The recent increase in users and transaction volume is related to the release of TROVE, the governance token for the Arbitrove yield-bearing index system, which is also based on Arbitrum. On Friday, February 17, TROVE went up for public auction on Camelot. It will conclude on Monday, February 20, at 9 a.m. EST (14:00 UTC).
According to its whitepaper, Camelot’s tokenomics contains two tokens, GRAIL and a nontransferable governance token dubbed xGRAIL, to strike a balance between encouraging users to increase protocol liquidity and promoting the long-term health of the ecosystem. A comparable dual token model is used by GMX, the leading decentralized finance (DeFi) exchange on Arbitrum.
Additionally, the first GRAIL bond market on Camelot will go live later on Feb. 17, allowing users to purchase GRAIL and xGRAIL at a discount to the market.
Core contributors reported on a community call on February 16 that Camelot’s TVL, a well-known statistic measuring the total value of crypto assets deposited into the protocol, is on fire. According to DeFi TVL aggregator DeFiLlama, the TVL for the Arbitrum native DEX increased by 276% to $62.71 million in February.
According to Walter Teng, deputy president of digital asset strategy at Fundstrat Global Advisors, Arbitrum does not yet have a dominating DEX.
According to DeFiLlama and Nansen, GMX, the largest project on Arbitrum with a focus on financial derivatives, has 356% more transactions than Camelot in the last 30 days and a TVL of $505 million, which is 794% larger than Camelot’s.
Camelot, however, is catching up. According to Nansen data, within the same time period, GMX had a 15% increase in users and a 22% increase in transactions, whereas Camelot saw a 242% and a 384% growth in users and transactions, respectively.
The increasing activity on Camelot, and subsequently on Arbitrum, may be due to users seeking to improve their on-chain activity in order to receive an Arbitrum airdrop, said Teng, despite the fact that the developers of Arbitrum have not yet announced any intentions for a token or airdrop.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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Arbitrum Native Decentralized Exchange Camelot Growing Massively In February
Key Points:
- Since its introduction at the end of 2022, Camelot, a relatively new decentralized exchange (DEX) on the Arbitrum network, has experienced tremendous development. According to Camelot’s analytics page, daily trading volume has increased 369% since February 1 and reached $18 million on Friday at press time.
- The recent increase in users and transaction volume is related to the release of TROVE, the governance token for the Arbitrove yield-bearing index system, which is also based on Arbitrum. On Friday, February 17, TROVE went up for public auction on Camelot. It will conclude on Monday, February 20, at 9 a.m. EST (14:00 UTC).
- According to DeFiLlama and Nansen, GMX, the largest project on Arbitrum with a focus on financial derivatives, has 356% more transactions than Camelot in the last 30 days and a TVL of $505 million, which is 794% larger than Camelot’s.
Since its introduction at the end of 2022, Camelot, a relatively new decentralized exchange (DEX) on the Arbitrum network, has experienced tremendous development. According to Camelot’s analytics page, daily trading volume has increased 369% since February 1 and reached $18 million on Friday at press time.
The price of GRAIL, the native token of Camelot, has also increased. According to CoinCu, its price recently reached $2,833.47, up 520% this month. The number of users and transactions on Camelot have increased by more than 120% in the last day, claims blockchain analytics company Nansen.
The most significant Ethereum layer 2 scaling solution, Arbitrum, has also made recent advancements that are similar to those made by Camelot. In terms of total value locked (TVL), it is also the fourth-largest blockchain overall, with a transaction volume that exceeds even Ethereum’s.
The recent increase in users and transaction volume is related to the release of TROVE, the governance token for the Arbitrove yield-bearing index system, which is also based on Arbitrum. On Friday, February 17, TROVE went up for public auction on Camelot. It will conclude on Monday, February 20, at 9 a.m. EST (14:00 UTC).
According to its whitepaper, Camelot’s tokenomics contains two tokens, GRAIL and a nontransferable governance token dubbed xGRAIL, to strike a balance between encouraging users to increase protocol liquidity and promoting the long-term health of the ecosystem. A comparable dual token model is used by GMX, the leading decentralized finance (DeFi) exchange on Arbitrum.
Additionally, the first GRAIL bond market on Camelot will go live later on Feb. 17, allowing users to purchase GRAIL and xGRAIL at a discount to the market.
Core contributors reported on a community call on February 16 that Camelot’s TVL, a well-known statistic measuring the total value of crypto assets deposited into the protocol, is on fire. According to DeFi TVL aggregator DeFiLlama, the TVL for the Arbitrum native DEX increased by 276% to $62.71 million in February.
According to Walter Teng, deputy president of digital asset strategy at Fundstrat Global Advisors, Arbitrum does not yet have a dominating DEX.
According to DeFiLlama and Nansen, GMX, the largest project on Arbitrum with a focus on financial derivatives, has 356% more transactions than Camelot in the last 30 days and a TVL of $505 million, which is 794% larger than Camelot’s.
Camelot, however, is catching up. According to Nansen data, within the same time period, GMX had a 15% increase in users and a 22% increase in transactions, whereas Camelot saw a 242% and a 384% growth in users and transactions, respectively.
The increasing activity on Camelot, and subsequently on Arbitrum, may be due to users seeking to improve their on-chain activity in order to receive an Arbitrum airdrop, said Teng, despite the fact that the developers of Arbitrum have not yet announced any intentions for a token or airdrop.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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