Arbitrum is on the rampage with over $150 billion in Uniswap trade volume.
Arbitrum is deepening its push to dominate the Ethereum L2 scene.
Arbitrum (ARB), a Layer-2 scaling protocol built on Ethereum, said it exceeded $150 billion in transaction volume on the decentralized exchange Uniswap. This marks a key milestone for Arbitrum as it becomes the first L2 to cross $150 billion in swap volume, according to an official announcement from Uniswap Labs.
Arbitrum Becomes Biggest L2 by TVL
According to recent statistics from DeFiLlama, Arbitrum has grown to become the largest L2 platform by Total Value Locked (TVL) with $2.58 billion.
Accordingly, Arbitrum is now the 5th largest protocol by TVL, trailing behind Layer-1 blockchains like Solana, BSC, Tron, and Ethereum.
It’s official: Arbitrum is the first L2 to pass $150B in swap volume pic.twitter.com/wwg5hllZ4S
— Uniswap Labs (@Uniswap) May 6, 2024
Notably, Arbitrum’s cumulative swap volume reached $150.2 billion, in the earlier parts of the month. This figure indicates a substantial rise over the preceding months, with statistics of $148.70 billion in April and $112.71 billion in January.
The surge in Arbitrum’s trading volume is notable, coinciding with the increasing adoption of the broader platform, as previously reported by Crypto News Flash. Recent DeFiLlama data reveals that Uniswap is the largest Decentralized Exchange (DEX) by TVL, with $5.54 billion as of May 6.
A major factor responsible for Uniswap’s increasing acceptance is Arbitrum’s reduced transaction fees. Backed by the main Ethereum network, Arbitrum possesses features such as the optimistic roll-up, permitting users to enjoy low fees while trading in a highly scalable environment.
Arbitrium’s recent achievement is a testament to its dedication in the crypto space. The protocol is designed to improve the capabilities of Ethereum smart contracts, improving their speed and scalability. As formerly reported by Crypto News Flash, Arbitrum also outmatched other Layer 2 solutions on the Ethereum network with $10.2 billion in inflows.
Despite Arbitrum’s recent success, the price of its native token, ARB, is experiencing volatility. At the moment, ARB has decreased by 4.3% in the past day to trade at $1.01. Simultaneously, the trading volume also decreased by 6.2% to $278 million, while the market cap decreased by 4.3% to $2.6 billion.
In a similar move, Uniswap’s native token, UNI dropped by 2.67% in the past day to trade at $7.35. The market cap and the trading volume also decreased by 2.8% and 8.9% to $4.4 billion and $101 million respectively.
Competition Intensifies Among L2 Players
The battle for the title of the ultimate L2 player continues to intensify in the ecosystem. While Arbitrum has attracted the largest community of dApps, with a TVL of $2.58 billion. Other Layer-2 platforms, such as Optimism, have the most active developer community and developer activity, per Crypto News Flash’s earlier announcement.
On the market cap metric, Polygon is the unchallenged leader, with a value of $6,801,557,125, at the time of this writing. This compares with Arbitrum’s $2,747,697,217 and Optimism’s $2,787,251,045
It is worth noting that these L2s all have their key strengths. While one showcases its dominance in a particular metric, it falls behind other projects on several metrics.
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