DEX daily trading volume on Arbitrum exceeds Ethereum, Solana

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according to data According to DeFillama, the trading volume of the decentralized exchange (DEX) on the second-layer network Arbitrum exceeded Ethereum for the first time in the past day.

During the reporting period, DEX trading volume on Arbitrum soared to $1.84 billion, surpassing Ethereum’s $1.44 billion and Solana’s $683.59 million.

DEX weekly trading volume on Arbitrum.Source: DeFirama

This increase is in line with Arbitrum’s continued weekly growth, rising 32.58% to $6.8 billion, an all-time high, but still far behind Ethereum’s $9.58 billion. However, it surpassed Solana’s $5.039 billion, especially with nearly 4 times the daily trading volume of Binance Smart Chain.

The rise in DEX trading volume is also consistent with high activity on the network. According to the data, Arbitrum’s daily transaction volume yesterday was 14.05, while Ethereum mainnet was 12.92 data Provided by L2beat.

Uniswap dominates

The increase in trading volume can be attributed to increased activity on Arbitrum DEXs such as Uniswap, Camelot, Ramses Exchange, and Trader Joe. Data from DeFillama shows that these agreements have seen double-digit growth over the past week, hitting new highs.

Top 10 DEX on Arbitrum.Source: DeFirama

Uniswap Labs is a company that develops the popular decentralized trading protocol Uniswap. Disclosure Arbitrum became the first Layer 2 network on the platform to surpass 1 billion daily transactions on January 4.

Uniswap is the largest DEX protocol by trading volume across all chains, with average trading volume exceeding $1.5 billion over the past week.

Arbitrum’s growing TVL

The increase in DEX trading volume has also coincided with a dramatic increase in the total value of assets locked on layer 2 networks.

data Data from DefiLlama shows that TVL on Arbitrum-based applications has increased by about $1 billion in the past six months to nearly $2.5 billion, with the dominant DeFi protocol being decentralized spot and perpetual exchange GMX , which controls about 20% of the network’s total TVL.

Additionally, Arbitrum’s native ARB token recently hit an all-time high of over $2 on January 4, but has fallen to $1.94 at the time of writing.