Tech

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

02/19/2023
Bitcoin Ethereum News
  • 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.

Source: https://ambcrypto.com/arbitrum-records-impressive-network-growth-whats-coming-next/