Arbitrum records impressive network growth: What’s coming next?
- Arbitrum recorded impressive growth in its DEX trading volume.
- The daily active users on Arbitrum skyrocketed in February.
Arbitrum added another feather in its cap after its decentralized exchange (DEX) volume eclipsed BNB Chain over the last 24 hours, a tweet from DeFiLlama revealed.
Arbitrum now has the second-highest dex volume on our Volume Dashboard, surpassing BSC after a 10.77% increase this week pic.twitter.com/aftwpVuIok
— DefiLlama.com (@DefiLlama) February 17, 2023
Additional data from the tweet highlighted that the layer-2 solution recorded about $440 million through DEX transactions as compared to BNB’s $410 million in the 24-hour period. Arbitrum’s DEX volume over the past week grew by over 10%.
This was an impressive feat, considering that the BNB chain had a significantly larger user base when compared to other chains, per data from Token Terminal.
These DeFi protocols are providing the impetus
Arbitrum’s performance in the DeFi space has been a revelation of late and it has been primarily driven by popular protocols like GMX and Camelot.
Consider this – the largest decentralized exchange for perpetuals, GMX, accounted for nearly 30% of the total value locked (TVL) on the Arbitrum network. Arbitrum’s TVL spiked as GMX’s activity shifted from Avalanche [AVAX] to its chain. According to DeFiLlama, the TVL climbed by about 43% in February.
Furthermore, a new DEX on the chain, Camelot, has created a buzz in the DeFi space. Camelot’s TVL jumped from a little over $22 million at the start of February to $63.56 million at the time of writing, almost tripling in value. Camelot’s native token GRAIL grew at an astonishing 900% rate over the last 30 days, per CoinMarketCap.
Token AirDrop soon?
Arbitrum posted a solid performance as far as its key indicators were concerned. The daily active users on the chain grew by almost 80% in February while also hitting its six-month high on 16 February.
The rapid jump in the number of users catapulted the validator fee on the chain to about 110k, an increase of over 300% over the last week. The growth in network traffic augured well for the future of blockchain.
With the surge in trading activity on the Arbitrum network, the speculation of a token AirDrop started doing the rounds on social media. A community member expressed confidence that the AirDrop will happen soon. However, nothing official has come out yet.
The community wants an $ARB airdrop.
— PetaByte (@CryptoPeta) February 16, 2023