According to the latest data from DefiLlama, Arbitrum It ranks second in terms of DEX volume. The network has surpassed its counterpart, Binance Smart Chain, and currently sits just below Ethereum.
As seen in the image above, Ethereum‘s weekly volume fell by 13.88%. Arbitrum has increased by 34.15% in the last 7 days. BSC mirrored Ethereum as its volume dropped by 16.39%. At the time of writing, Arbitrum’s daily volume is at its highest at $395.22 million. BSC was just behind with $331.78 million. Ethereum won the competition with $1.47 billion in 24-hour volume.
Koinfinans.com As we have reported, Arbitrum has made great progress recently. The daily trading chart highlighted that the network has reached all-time highs. Earlier today, the network recorded the highest number of transactions.
Also, the number of unique addresses on the network followed the same performance, reaching an all-time high of 2,924,658.
Why Is Arbitrum Outshining the Rest of the Market?
It is worth noting that Arbitrum is Ethereum’s largest layer 2 blockchain. Its rise in DeFi can be attributed to GMX’s networking. GMX has recently split from Avalanche (AVAX) and has chosen this network as its main chain.
In addition, there has been a lot of rumors around a token airdrop on social media. Some have speculated that an airdrop might be in progress, which could further fuel the aforementioned metrics.
Arbitrum will airdrop $ARB when they are ready to do so
If it takes another year, that’s fine, their ecosystem is growing at an incredible pace
I am sure they will be among the winners at the end
— Mingo Airdrop (@MingoAirdrop) February 21, 2023
The community wants an $ARB airdrop
Appetiser was delicious, ready for the main course. 🔥@Arbitrum 💙🧡 pic.twitter.com/i2MmRsl4ja
— PetaByte (@CryptoPeta) February 16, 2023
However, it should be noted that Arbitrum has not officially announced an airdrop.