The increase in the majority of native application tokens on the Arbitrum network is what led to the week-long spike in transaction volume.
Arbitrum's decentralized exchange (DEX) transaction volume reached a weekly all-time high of $2.62 billion after increasing 34.5% over the previous seven days. After Ethereum and Binance Smart Chain, Arbitrum is now the third most active blockchain network.
On February 20, Arbitrum's daily transaction volume for DEXs was $373.1 million, second only to Ethereum in terms of volume. On Arbitrum, the cumulative volume was $122.26 billion, while the total value locked (TVL) was $1.16 billion.
The increase in the majority of native application tokens on the Arbitrum network is what led to the week-long spike in transaction volume.
Best 5 DEXs
The top five DEXs on Arbitrum were Uniswap, SushiSwap, Camelot, GMX, and Curve based on weekly cumulative volume.
On February 20, Uniswap's cumulative daily volume was $164.06 million, while its cumulative weekly volume increased to $1.32 billion. The cumulative volume for Uniswap on the network is $25.21 billion.
SushiSwap, with $572.96 million and a weekly increase of 23.95%, had the second-highest 7-day total volume on Arbitrum, while Camelot came in third with $149.33 million.
The largest weekly increase was seen by GMX - Swap, whose 7-day total volume increased by 65.41% to $89.86 million, just shy of Curve's $89.58 million.
Most Rapidly Expanding Userbase
In terms of user base, Arbitrum is one of the blockchain networks with the quickest growth.
The network's DeFi and gaming applications are the key drivers of growth. Over the past six months, the number of new users has increased by two times, and in January, the growth in transactions reached approximately 50% of daily Ethereum transactions.
According to the data, revenue increased four times in January compared to the previous six months.
