Arbitrum (ARB) Continues to Rise: Daily DEX Volume Surpasses Ethereum By $400 Million
Arbitrum, a widely recognized Layer-2 (L2) scaling solution, has experienced a remarkable surge in popularity after the launch of its native token, ARB, in March 2023. Over the past 30 days, ARB’s value has surged by an impressive 74%, highlighting the growing market interest in the protocol.
One particularly noteworthy achievement for Arbitrum is its daily decentralized exchange (DEX) volume, which has surpassed Ethereum (ETH) for the first time. This milestone showcases the increasing adoption of Arbitrum and its scalability within the decentralized finance (DeFi) ecosystem.
According to data from DefiLlama, Arbitrum’s daily DEX volume reached an impressive $1.834 billion in the past 24 hours, surpassing Ethereum’s volume of $1.444 billion. The growth of Arbitrum extends beyond just daily DEX volume, as the weekly change in ARB’s value increased by 32.58%, demonstrating the token’s strong performance. Additionally, Arbitrum’s seven-day volume reached $6.804 billion, indicating robust trading activity on the protocol.
In terms of total value locked (TVL) in DEX, Arbitrum accounted for $1.297 billion, constituting 33.40% of the total TVL. In comparison, Ethereum’s TVL stood at $5.92 billion, making up 26.29% of the total. This further establishes Arbitrum’s prominence as users recognize its potential for efficient and secure decentralized trading.
The financial metrics of ARB tokens also reflect the growth of Arbitrum’s ecosystem. Token terminal data demonstrates an 83.84% increase in Arbitrum’s market capitalization (in circulation) to $2.56 billion. The revenue generated by Arbitrum over the past 30 days has experienced remarkable growth as well, with a 79.82% increase to reach $11.66 million.
Furthermore, the fully diluted market capitalization of Arbitrum has risen by an identical 83.84% to reach $20.07 billion. The annualized revenue for Arbitrum has seen a significant boost, surging by 101.67% to reach $141.81 million. These figures highlight the sustained growth of the protocol.
Arbitrum has also demonstrated its ability to capture a significant share of transactional fees within its ecosystem. In the past 30 days, fees generated by Arbitrum have surged by 79.82% to reach $11.66 million. On an annualized basis, fees have soared by 101.67% to reach $141.81 million, further validating the protocol’s revenue growth and economic potential.
Despite a recent pullback, with ARB trading at $1.8962, down over 8% in the past 24 hours, the token remains bullish with a 36% increase over the past 14 days.
Please note that this article is provided for educational purposes only and does not represent the opinions of NewsBTC. Conduct your own research before making any investment decisions.