Arbitrum Shatters Records: Hits $1 Billion in Daily Trading Volume For the First Time

An Increase in Arbitrum Dexs Volumes

Arbitrum crossed the $1 billion mark in daily volume for the first time, rising to $1.15 billion on March 11.

The most recent surge took place after prominent banks such as Silicon Valley Bank and SilverGate Bank collapsed on March 8 and March 10, respectively. This led to the depeg of stablecoin USDC to $0.87.

During this period, Decentralized Exchanges (DEXs) on Arbitrum, like Uniswap, SushiSwap, Camelot, GMX, and Curve, saw an upsurge in volume as users sought to swap USDC for other cryptocurrencies. Over the 24 hours between Saturday and Sunday, UniSwap processed nearly $11.84 billion in trading volume, including $582.82 million on Arbitrum. 

Further, Curve recorded close to $8 billion in trading volume and registered $118.73 million on Arbitrum. As for GMX, it recorded a volume of 32.38 million on March 11 on Arbitrum.

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Growth in Userbase and TVL

A Bernstein research report reveals that Arbitrum is one of the fastest-growing blockchain networks in terms of the user base. The report finds that DeFi and gaming applications are driving the network's growth. 

Further, new user acquisitions have increased 2x over six months in January. The report also noted a fourfold increase in revenue in January over six months ago.

In addition, Arbitrum's DEX trading volume last February was higher than that of competitors such as BNB Chain and Polygon. However, its volume is far less than the $4.04 billion recorded on the Ethereum main net. As of March 14, Arbitrum's 24-hour DEX volume stood at $598.46 million. 

The Total Value Locked (TVL) locked on Arbitrum has risen to $2.83 billion from  $1.54 billion - an 83.7% increase since the start of the year. With a TVL of $937.33 million, GMX dominates the network, followed by Radiant and Uniswap.

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What is Arbitrum:

Arbitrum is an Ethereum layer-2 network that enables developers to build and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum — use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The flagship product for the team, Arbitrum Rollup, is an Optimistic rollup protocol that inherits Ethereum-level security.

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