Arbitrum (ARB) Rise: Daily DEX Volume Surges, Outpacing Ethereum By $400 Million
January 05 2024 - 11:00PM
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Arbitrum, a prominent Layer-2 (L2) scaling solution, has been on a
remarkable upward trajectory since the launch of its native token,
ARB, in March 2023. The past 30 days witnessed a staggering 74%
surge in ARB’s value, underscoring the growing market interest in
the protocol. Notably, Arbitrum’s daily decentralized exchange
(DEX) volume has experienced a significant surge, propelling the
protocol to surpass Ethereum (ETH) for the first time in this key
metric. This milestone highlights Arbitrum’s increasing
adoption and recognition for its scalability within the
decentralized finance (DeFi) ecosystem. Arbitrum Sets New DEX
Records According to data from DefiLlama, Arbitrum’s daily DEX
volume reached an impressive $1.834 billion over the past 24 hours,
surpassing Ethereum’s volume of $1.444 billion. Analyzing
DefiLlama’s data, it becomes evident that Arbitrum’s growth extends
beyond daily DEX volume alone. The weekly change in ARB’s
value soared by 32.58%, showcasing the token’s strong performance
in the market. Moreover, Arbitrum’s seven-day volume reached an
impressive $6.804 billion, indicating robust trading activity on
the protocol. Related Reading: Ethereum Price Crash Looming?
Celsius To Unstake $465 Million ETH 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 demonstrates
Arbitrum’s growing prominence as users increasingly recognize its
potential for efficient and secure decentralized trading. ARB’s
Financial Metrics Soar Further demonstrating the growth of the
protocol’s ecosystem, token terminal data shows that Arbitrum’s
market capitalization (in circulation) has increased by an
impressive 83.84% to $2.56 billion. The revenue generated by
Arbitrum over the past 30 days has also experienced remarkable
growth, with a 79.82% increase to reach $11.66 million.
Furthermore, looking at the fully diluted market capitalization,
Arbitrum has witnessed an identical 83.84% rise to reach $20.07
billion. Arbitrum’s revenue on an annualized basis has seen a
significant boost, surging by 101.67% to reach $141.81 million.
This figure represents the projected revenue for a full year based
on the current monthly revenue, underscoring the protocol’s
sustained growth. Related Reading: Shiba Inu’s Shibarium Hit Major
Milestone Amid Rapid Network Recovery In terms of fees generated,
Arbitrum’s 30-day figures have surged by 79.82% to reach $11.66
million, demonstrating the protocol’s ability to capture a
significant share of transactional fees within its ecosystem.
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. Nevertheless, the protocol’s native token,
ARB, is trading at $1.8962, down over 8% in the past 24 hours and
below its all-time high (ATH) of $2.11 set on Thursday. Despite
this pullback, it is still up 36% over the past 14 days,
demonstrating the token’s bullish momentum. Featured image from
Shutterstock, chart from TradingView.com
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