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 ARBโs value, underscoring the growing market interest in the protocol.
Notably, Arbitrumโs 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.ย
This milestone highlights Arbitrumโs increasing adoption and recognition for its scalability within the decentralized finance (DeFi) ecosystem.
Arbitrum Sets New DEX Records
According to data from DefiLlama, Arbitrumโs daily DEX volume reached an impressive $1.834 billion over the past 24 hours, surpassing Ethereumโs volume of $1.444 billion.ย Analyzing DefiLlamaโs data, it becomes evident that Arbitrumโs growth extends beyond daily DEX volume alone.ย
The weekly change in ARBโs value soared by 32.58%, showcasing the tokenโs strong performance in the market. Moreover, Arbitrumโs seven-day volume reached an impressive $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.ย In comparison, Ethereumโs TVL stood at $5.92 billion, making up 26.29% of the total. This demonstrates Arbitrumโs growing prominence as users increasingly recognize its potential for efficient and secure decentralized trading.
ARBโs Financial Metrics Soar
Further demonstrating the growth of the protocolโs ecosystem, token terminal data shows that Arbitrumโs market capitalization (in circulation) has increased by an impressive 83.84% to $2.56 billion.ย
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.ย
Furthermore, looking at the fully diluted market capitalization, Arbitrum has witnessed an identical 83.84% rise to reach $20.07 billion.ย
Arbitrumโs 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 protocolโs sustained growth.
In terms of fees generated, Arbitrumโs 30-day figures have surged by 79.82% to reach $11.66 million, demonstrating the protocolโs ability to capture a significant share of transactional fees within its ecosystem.ย
On an annualized basis, fees have soared by 101.67% to reach $141.81 million, further validating the protocolโs revenue growth and economic potential.
Nevertheless, the protocolโs 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 tokenโs bullish momentum.
Featured image from Shutterstock, chart from TradingView.com
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