By: Isha Das
Arbitrum, an Ethereum-based Layer-2 network, experienced a significant surge in the decentralized exchanges (DEXs) transaction volume, surpassing that of Ethereum and Solana for the first time. Supported by heightened activity on DEXs such as Uniswap, Camelot, Ramses Exchange, and Trader Joe, the DEX volume has been a factor contributing to Arbitrum's continuous weekly growth.
Simultaneously, the rising DEX volume coordinated with high-network activity on the Layer-2 network, with Arbitrum's daily transactions per second standing at 14.05 compared to Ethereum's 12.92. This network activity coincided with an increase in social media mentions related to ARB, Arbitrum's native token, suggesting growing interest and potential for price gain.
The total value locked (TVL) on Ethereum's Layer-2 networks also reached an all-time high, a strong testament to Ethereum's continued adoption. Arbitrum held a commending claim on this high TVL with over $10.05 billion worth of cryptocurrencies locked, further solidifying its dominance in the DeFi sector.
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