Arbitrum’s DEX Transactions Skyrocket to Record-Breaking Highs
According to data from DeFillama, the decentralized exchange (DEX) transactions volume on Arbitrum has recently hit new highs.
Over the last two weeks, the DEX transactions increased by 32.41% to $4.34 billion, with a surge of up to $3.28 billion in the week starting March 5th.
As of March 20th, the daily transaction volume on Arbitrum reached $535 million, which is the second highest after Ethereum (ETH) and almost double that of Binance Smart Chain (BSC). The top five DEXs on Arbitrum are Uniswap, SushiSwap, ZyberSwap, Camelot, and Balancer.
In the last seven days, these platforms witnessed an average trading volume growth of over 40%, with Camelot recording the highest increase by 95% to $38.45 million and ZyberSwap experiencing minor growth of 2.84% to $61.41 million
Uniswap remains the dominant DEX platform on Arbitrum, accounting for 48% of all trades on the L2 network.
The total value of assets locked on Arbitrum has risen by more than 20% to $3.85 billion over the last seven days, as per L2beats. Additionally, 2.15 million ETH tokens have been locked on the network.
GMX is Arbitrum’s dominant DeFi protocol, which controls 28.27% of Arbitrum’s total TVL.
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Despite recent issues with the dominant stablecoin on the network, USD Coin (USDC), the L2 solution, has continued to witness an increase in its stablecoin inflow. During the period, there was more inflow of Tether’s USDT and algorithmic stablecoin DAI into the network as against USDC. Arbitrum’s USD inflow climbed 9% to $1.59 billion.
During the period of rising TVL, Arbitrum’s daily transaction per second rose by 80.82% to 10.82.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
