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Arbitrum records impressive network growth: What’s coming next?

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Arbitrum records impressive network growth: What's coming next?
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  • 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.

 

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.

Source: DeFiLlama

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.

Source: Token terminal

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.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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