Arbitrum Dominates DEX Space with Record-Breaking Trading Volumes!

Key Points:

• Arbitrum’s decentralized exchange (DEX) reached a new all-time high (ATH) each of the last two weeks.
• The total value of assets locked on Arbitrum has increased by more than 20% in the last seven days to $3.85 billion. 2.15 million tokens have been locked on the network in terms of ETH.

According to DeFillama data, the volume of transactions on Arbitrum’s decentralized exchange (DEX) reached a new all-time high (ATH) each of the last two weeks.

DEX transactions surged 32.41% to $4.34 billion during the previous seven days. The amount of transactions on Arbitrum increased to $3.28 billion during the week beginning March 5.

On of March 20, the daily transaction volume for Binance Smart Chain was almost twice that of Ethereum (ETH), at $535 million (BSC).

On Arbitrum, Uniswap, SushiSwap, ZyberSwap, Camelot, and Balancer were the top five DEXs. Trading volume on these platforms increased by more than 40% on average during the past seven days; Camelot experienced the largest increase, by 95%, to $38.45 million, while ZyberSwap saw the smallest increase, by 2.84%, to $61,41 million.

Uniswap continues to be the preeminent DEX platform on Arbitrum in the meantime, representing 48% of all trades on the layer 2 (L2) network.

Arbitrum’s TVL and stablecoin inflow rises

According to L2beats, the total value of assets locked on Arbitrum has increased by more than 20% in the last seven days to $3.85 billion. 2.15 million tokens have been locked on the network in terms of ETH.

The period where the rising TVL also coincided with high-network activity on the L2 network was a time of significant growth for the platform. The daily transaction per second on Arbitrum’s network rose by a staggering 80.82%, reaching 10.82. This shows that the platform was able to handle the increased activity and meet the demand of its users.

According to DeFillama data, GMX is the dominant DeFi protocol on Arbitrum, controlling 28.27% of its total TVL. This makes it an essential project for the platform as it contributes significantly to the platform’s growth.

Interestingly, the platform has also witnessed an increase in its stablecoin inflow. This is a testament to the platform’s ability to attract more users as it provides a stable environment for trading cryptocurrencies. For example, despite the recent issues plaguing the dominant stablecoin on its ecosystem, USD Coin (USDC), Arbitrum’s USD inflow still climbed by 9%, reaching $1.59 billion.

During the period, we also saw more inflow of Tether’s USDT and algorithmic stablecoin DAI into the network as against USDC. This shows that the platform is not overly reliant on one stablecoin and can still maintain its growth even if one of the stablecoins experiences issues.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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