Decentralized exchanges (DEX) transaction volume on Arbitrum, a layer2 community, surpassed that of Ethereum for the primary time in the course of the previous day, based on DeFillama data.
Through the reporting interval, DEXs on Arbitrum noticed their volume soar to $1.843 billion, surpassing Ethereum’s $1.444 billion and Solana’s $683.59 million.
This surge aligns with Arbitrum’s steady weekly development, rising by 32.58% to $6.804 billion, a brand new all-time excessive, although nonetheless trailing Ethereum’s $9.581 billion. Nevertheless, it surpasses Solana’s $5.039 billion and notably exceeds Binance Good Chain’s daily volume by almost fourfold.
The rising DEX volume additionally coincided with high-network exercise on the layer2 community. Through the previous day, Arbitrum’s daily transaction per second stood at 14.05, whereas Ethereum mainnet’s was 12.92, based on L2beat data.
The elevated buying and selling volume will be attributed to heightened exercise on Arbitrum’s DEXs like Uniswap, Camelot, Ramses Alternate, and Dealer Joe. Data from DeFillama reveals that these protocols have loved double-digit development to new highs in the course of the previous week.
Uniswap Labs, the builders of the favored decentralized buying and selling protocol Uniswap, revealed that Arbitrum grew to become the primary layer2 community to cross a billion in daily volume on the platform on Jan. 4.
Uniswap is the biggest DEX protocol by buying and selling volume throughout all chains, with a median volume of greater than $1.5 billion in the course of the previous week.
Arbitrum’s rising TVL
The rising DEX volume has additionally coincided with a pointy improve within the complete worth of property locked on the Ethereum-based layer2 community.
Data from DefiLlama reveals the TVL on Arbitrum-based purposes has elevated by round $1 billion within the final six months to just about $2.5 billion, with the dominant DeFi protocol being GMX, a decentralized spot, and perpetual alternate, which controls about 20% of the community’s complete TVL.
Moreover, Arbitrum’s native ARB token just lately reached a brand new all-time excessive of greater than $2 on Jan. 4 however has retraced to $1.94 as of press time, based on CryptoSlate’s knowledge.