Arbitrum’s Chain Surpasses BSC in the Cumulative DEX Trading Volume
New data from DeFi Llama suggests that the trading activity on Arbitrum’s chain is steadily increasing. The chain has a 24-hour trading volume of $395M, while BSC is at $331M as of February 21, 2023. This change makes Arbitrum the second largest chain by DEXs volume with a 34% weekly increase.
Arbitrum’s Bigger Picture
Arbitrum provides users with innovative layer 2 solutions that boost the performance of Ethereum’s smart contracts. The solutions, therefore, improve the contract’s scalability and speed. Such features make Arbitrum attractive to multiple decentralized projects.
UniSwap, SushiSwap, and Camelot are currently the top three projects on the Arbitrum chain. UniSwap is leading with a 24-hour trading volume of $157M and a 43% weekly change. SushiSwap and Camelot are second and third, with 24-hour trading volumes of $139M and $23M, respectively. Both projects are also showing positive weekly changes. SushiSwap has a 21% weekly increase, while Camelot displays a 19% increase.
A rapid surge in the application of native tokens is contributing to an increase in Arbitrum’s trading volume. Among the recent activities taking place on Arbitrum’s network is Factor’s token sale, which raised $4M in less than ten hours.
Factor DAO Gathers $4M in its Recent Token Sale
Factor represents an Arbitrum-based protocol that plans to support the development of new instruments and perform DeFi aggregation of various assets. The protocol aims to become a leading on-chain asset manager in the DeFi world, with $FCTR as its utility token. Factor announced it would conduct a public sale on Camelot from 20th to 24th February 2023.
The sale is on its second day, and Factor hopes to sell 10M $FCTR tokens on Camelot. In theory, Factor looks forward to bringing a solution where developers can create and provide yield pools and tokenized baskets to users. Investors will benefit from the developer’s offerings by earning a portion of the fees.
As of February 21, 2023, the FCTR token has a cumulative market cap of $14M, making each token worth 14 cents.
A Sky-Rocketing User-Base?
A research report from Bernstein says that Arbitrum’s network is experiencing an increasing user base. From the report, Arbitrum’s transaction level is reaching almost 50% of what Ethereum handles every day. Moreover, the overall revenue and daily transactions rose 4x in the last six months.
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