Arbitrum DEX Transaction Volume Reaches New Weekly ATH
Arbitrum DEX Transaction Volume Reaches New Weekly ATH
The surge in transaction volume for the week was driven by an increase in the number of native application tokens on the Arbitrum network.
Cover/illustration via Cryptooshala
Decentralized exchange (DEX) transaction volume on Arbitrum hit a weekly all-time high of $2.62 billion after rising 34.5% in the last seven days, making it the third most active blockchain network after Ethereum and Binance Smart Chain, according to DeFiLlama. data.
Meanwhile, on February 20, Arbitrum’s daily DEX transaction volume was $373.1 million, second only to Ethereum. The total value locked (TVL) on Arbitrum was $1.16 billion and the cumulative volume was $122.26 billion.
The surge in transaction volume for the week was driven by an increase in the number of native application tokens on the Arbitrum network.
Top 5 DEX
Based on weekly cumulative volume, the top five DEXs on Arbitrum are Uniswap, SushiSwap, Camelot, GMX, and Curve.
Uniswap’s 7-day cumulative volume on Arbitrum rose 35.64% w/w to $1.32 billion, while its cumulative daily volume was $164.06 million on Feb. 20. Uniswap’s total cumulative online volume is $25.21 billion.
SushiSwap had the second-highest 7-day cumulative volume on Arbitrum of $572.96 million, up 23.95% on a weekly basis, while Camelot’s $149.33 million was the third-highest.
GMX – 7-Day Cumulative Swap Volume posted the biggest weekly increase and rose 65.41% to $89.86M – slightly above Curve’s $89.58M.
Fastest growing user base
According to a research report by Bernstein, Arbitrum is one of the fastest growing blockchain networks in terms of user base, CoinDesk. informed.
Growth is mainly driven by DeFi and online gaming applications, according to the report. The number of new users doubled in six months, while transaction growth reached nearly 50% of daily Ethereum transactions in January.
In addition, revenue quadrupled in January from six months earlier, the report said.
SEC vs. Paxos: A Deep Dive into the Aftermath of the Litigation and Its Impact on Stablecoins
The SEC’s notice to Paxos to stop issuing BUSD could have long-term implications for the crypto market. A new Cryptooshala report explores the recent and potential impact of enforcement action against Paxos.
Credit : cryptoslate.com
