According to recent data on DefiLlama, Arbitrum has been ranked second in terms of DEX volume. The network took over its counterpart, Binance Smart Chain, and it is currently standing right below Ethereum.
As seen in the above image, Ethereum’s weekly volume dipped by 13.88%. Arbitrum, on the other hand, has been up by 34.15% over the last 7 days. BSC was mirroring Ethereum as its volume dipped by 16.39%. At press time, Arbitrum’s daily volume was at a high of $395.22 million. BSC was right behind at $331.78 million. Ethereum conquered the competition with $1.47 billion in 24-hour volume.
Arbitrum has been thriving lately. The daily transactions chart highlighted that the network hit an all-time high. Earlier today, the network recorded the highest number of transactions (929,689).
Furthermore, the number of unique addresses in the network also followed suit and went on to reach an all-time high of 2,924,658.
Why is Arbitrum outshining the rest of the market?
Veering back to the basics, it should be noted that Arbitrum is Ethereum’s biggest layer 2 blockchain. Its rise in the DeFi space has been attributed to GMX’s network. GMX recently left Avalanche [AVAX] and chose Arbitrum as its parent chain.
In addition, there has been a lot of buzz around a token airdrop on social media. Several speculated that an airdrop could be in the making, which could have further fueled the above-mentioned metrics.
However, it should be noted that Arbitrum hasn’t officially announced an airdrop.