Arbitrum DEX Transaction Volume Hits $2.62 Billion

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.

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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.

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.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.