• Arbitrum recorded an impressive growth in its DEX trading volume with daily active users on the network skyrocketed in February.
• GMX and Camelot protocols have been providing the impetus for Arbitrum’s performance, which has seen the total value locked (TVL) on the chain rise by 43%.
• Speculation of a token AirDrop is doing the rounds, although nothing official has been announced yet.
Arbitrum’s Impressive Growth
Arbitrum recorded impressive growth in its DEX trading volume as its daily active users skyrocketed in February. The layer-2 solution’s DEX volume over the past week grew by over 10%, eclipsing BNB Chain over the last 24 hours according to data from DeFiLlama. This was an impressive feat considering that BNB had a significantly larger user base when compared to other chains, per data from Token Terminal.
Protocols Driving Performance
Popular protocols like GMX and Camelot are providing the impetus for Arbitrum’s performance in the DeFi space. The largest decentralized exchange for perpetuals, GMX, accounted for nearly 30% of TVL on Arbitrum’s network, resulting in a 43% jump in February. Furthermore, Camelot’s TVL jumped from $22 million to $63 million over one month, with its native token GRAIL growing at an astonishing 900% rate over 30 days according to CoinMarketCap.
The rapid jump in number of users along with increased network traffic is positive news for blockchain development and has led to speculation of a potential AirDrop soon – although nothing official has been announced yet. A community member expressed confidence that it will happen soon.
Arbitrum posted solid performances across several key indicators – daily active users grew by almost 80% while validator fees also hit their six-month high at 110k on 16 February – an increase of 300% within a week.
It appears that Arbitrum is set to continue delivering strong performance as popular DeFi protocols drive activity on its decentralized exchange (DEX). With speculation doing rounds about a possible AirDrop and several key indicators trending up, it looks like an interesting time ahead for this layer-2 solution and its users!
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