Arbitrum Trading Volume Exceeds $2.62 Billion For The First Time In A Week

Key Points:

• Arbitrum’s DEXs have climbed to a new weekly high of $2.62 billion in the last week, up 34.53% from the previous week.
• The trading volume over the last 24 hours also outperforms that of Binance Smart Chain (BSC) and Polygon.

Transaction volume on Ethereum’s layer-2 Arbitrum network has reached an all-time high in the last week, according to on-chain data.

According to DeFiLlama data, trade volume from Arbitrum‘s DEXs reached a new weekly high of $2.62 billion last week, up 34.53% from the previous week. The platform also set a record for the number of transactions logged in 24 hours on February 17 with 690,000 transactions, according to Arbiscan. Uniswap has $1.32 billion in market capitalization, followed by SushiSwap, which has $572 million.

According to DeFiLlama, total locked assets (TVL) on Arbitrum have climbed to $1.8 billion as of press time, with GMX holding the greatest part of $522.76 million, followed by Zyberswap and Uniswap with $134 million and $119 million, respectively.

Arbitrum’s DEX trading volume over the last 24 hours also outperforms that of Binance Smart Chain (BSC) and Polygon. Arbitrum recorded $374 million, more than BSC’s $273 million and Polygon’s $189 million, according to the data. Nonetheless, the 24-hour volume is still far below that of the blockchain on which it is based, Ethereum, at $1.48 billion.

The reason for these substantial growth is because its DeFi activities are growing more active. According to Wu Blockchain, Arbitrum experienced a reasonably consistent inflow of stablecoins in February, resulting in a 31% increase in USDC’s market share, while USDT and DAI climbed by 45% and 68%, respectively.

The platform has a total stablecoin market cap of $1.26 billion, with USDC accounting for 66% of the amount. On the other side, the rise in on-chain activities corresponds to the rise in gas consumption. Arbitrum has 2.8 million addresses, with 2.2 million having “at least one transaction,” according to Dune Analytics.

Much of the current bustle and enthusiasm surrounding Arbitrum is due, in part, to the fact that this layer-2 has yet to airdrop tokens, despite several speculations to the contrary.

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