Arbitrum DEX Transaction Volume Hits $2.62 Billion

February 20, 2023 at 11:23 AM GST updated: February 20, 2023 at 10:23 PM 2 mins read DeFi News

Arbitrum’s user base has experienced growth in recent years.
Recent reports of rising TVL and DeFi activity may signal the impending debut of a network token.
Reports suggest that the native token of the Arbitrum initiative will soon be made accessible for purchase.

DeFiLlama reports that the Arbitrum DEX transaction volume surpassed $2.62 billion last week, up 34% year over year and reaching a new weekly high that is second only to Ethereum. In addition, most of the native application tokens for Arbitrum have increased during the last week.

According to DeFiLlama, in the past week, the DEX transaction volume on the Arbitrum reached $2.62 billion, a YOY increase of 34%, setting a new weekly high, second only to Ethereum. Most of Arbitrum’s native application tokens have increased in the past 7 days.
— Cryptonewsland (@cryptonewsland) February 20, 2023

A token launch for the network may be in the works due to recent reports of increasing TVL and DeFi activity, which have reignited interest in the layer 2 Ethereum solution. According to data from Wu Blockchain, USDC inflow jumped by 31%, while USDT and DAI inflow increased by 45% and 68%, respectively.

On February 17, the number of transactions on the Ethereum L2 Arbitrum chain reached 690,000, a record high. Since February, the inflow of stablecoins on the Arbitrum has increased significantly. In the past month, USDC has increased by 31%, USDT +45%, DAI +68%. pic.twitter.com/9rukXKkZ0e
— Wu Blockchain (@WuBlockchain) February 18, 2023

Additionally, according to data provided by DeFillama, the present TVL is estimated to be worth $1.8 billion. In February of this year, there was a steady inflow of stablecoins into Arbitrum. As a result, the total value of assets (TVL) locked on Arbitrum has climbed to $3.27 billion, according to data from L2Beat as of the time of writing.

Nonetheless, there have been consistent rumors that the native token of the Arbitrum project will soon be made available for purchase since the project’s inception. Also, individuals already connected to the network may receive the receipt via “Airdrop” after it launches.

Airdrops are widely used by cryptocurrency companies as a form of advertisement because they provide free tokens or coins to a big audience. Arbitrum has recently seen a large growth in its user base as a result of the exponential growth in its transaction volume.

Read Also :

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.