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HomeDeFiArbitrum’s weekly DEX volume touches new ATH

Arbitrum’s weekly DEX volume touches new ATH

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The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $28,036.77 and BTC market dominance is %. The price of Ethereum is $1,759.48 and ETH market dominance is %. The best performing cryptoasset sector is Cannabis, which gained 12%.
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During the period, the total value of assets locked on Arbitrum rose by over 20% and the layer2 solution saw a steady inflow of stablecoins.
Cover art/illustration via CryptoSlate
Arbitrum’s decentralized exchange (DEX) transactions volume rose to a new all-time high (ATH) in each of the last two weeks, according to DeFillama data.
Over the past seven days, DEX transactions increased 32.41% to $4.34 billion. For the week starting March 5, transaction volume on Arbitrum had surged to $3.28 billion.
Daily transaction volume stood at $535 million as of March 20 — second only to Ethereum (ETH) and almost twice that of Binance Smart Chain (BSC).
The top five DEXs on Arbitrum were UniswapSushiSwap, ZyberSwap, Camelot, and Balancer. In the last seven days, trading volume on these platforms grew by an average of over 40% — Camelot spiked the highest by 95% to $38.45 million, while ZyberSwap saw the most minor growth of 2.84% to $61,41 million.
Meanwhile, Uniswap remains the dominant DEX platform on Arbitrum, accounting for 48% of all trades on the layer2 (L2) network.
The total value of assets locked on Arbitrum has risen by more than 20% in the last seven days to $3.85 billion, according to L2beats. In terms of ETH, 2.15 million tokens have been locked on the network.
The rising TVL also coincided with high-network activity on the L2 network. During the period, Arbitrum’s daily transaction per second rose 80.82% to 10.82.
DeFillama data shows that Arbitrum’s dominant DeFi protocol is GMX — the project controls 28.27% of Arbitrum’s total TVL.
Meanwhile, the L2 solution has continued to witness an increase in its stablecoin inflow. For context, Arbitrum’s USD inflow climbed 9% to $1.59 billion despite the recent issues plaguing the dominant stablecoin on its ecosystem, USD Coin (USDC).
During the period, there was more inflow of Tether’s USDT and algorithmic stablecoin DAI into the network as against USDC.
Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
The decentralized finance leaderboard site now exists in two locations.
Raoul Pal dismissed Bitcoin hitting $1 million in 90 days, but thinks $50,000 could happen sooner than people think.
The poll came from one of El Salvador’s leading opposition newspapers, prompting a self-congratulatory Tweet from the ‘Bitcoin President’.
Nic Carter said the U.S. banking crisis took us a step close to CBDC adoption — speculations continue to circulate.
Conflux (CFX) leads cryptocurrency market growth with 197% rise in the past week.
Tom Emmer said the Federal Reserve’s instant payments settlement system FedNow suggests that it is competing with private entities.
Nic Carter said the U.S. banking crisis took us a step close to CBDC adoption — speculations continue to circulate.
Sandeep Nailwal’s sees a crypto landscape dominated by Ethereum and layer 2s interacting with the base chain.
We delve into the stability of USDC and analyze crucial factors and risks associated with it.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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