Arbitrum’s weekly DEX volume touches new ATH

The index was in a greedy state until recently, but the landscape has changed.

During the period, the total value of assets locked on Arbitrum rose by over 20% and the layer2 solution saw a steady inflow of stablecoins.

Daily transaction volume stood at $535 million as of March 20 — second only to Ethereum (ETH) and almost twice that of Binance Smart Chain (BSC).

The top five DEXs on Arbitrum were Uniswap, SushiSwap, ZyberSwap, Camelot, and Balancer. In the last seven days, trading volume on these platforms grew by an average of over 40% — Camelot spiked the highest by 95% to $38.45 million, while ZyberSwap saw the most minor growth of 2.84% to $61,41 million.

Meanwhile, Uniswap remains the dominant DEX platform on Arbitrum, accounting for 48% of all trades on the layer2 (L2) network.

Arbitrum’s TVL and stablecoin inflow rises The total value of assets locked on Arbitrum has risen by more than 20% in the last seven days to $3.85 billion, according to L2beats. In terms of ETH, 2.15 million tokens have been locked on the network.

The rising TVL also coincided with high-network activity on the L2 network. During the period, Arbitrum’s daily transaction per second rose 80.82% to 10.82.

Decentralized exchanges (DEXes) registered an exponential rise in trading activity in the last 24 hours after the collapse of Silicon Valley Bank (SVB) triggered FUD in the broader crypto market and depegged the USD Coin [USDC].

USDT’s dominance is likely the result of headwinds faced by its rivals, USDC and BUSD, in recent weeks, analysts say Stablecoin tether (USDT) continues to dominate the market as traders and investors shun major rivals in favor of the world’s largest digital asset pegged to the US dollar.

A view of USDT’s market dominanc shows the asset has been increasing steadily over the last 18 months, according to Blockworks Research data.

An analysis of stablecoin supply composition shows the asset is now at its highest point in terms of total market share since at least July 12, 2021 — at 56.4% having climbed 5.4% in the last 30 days.

The asset, which has repeatedly come under fire over the validity, quality and certainty of its reserves, nevertheless boasts the title of the world’s third-largest digital asset behind bitcoin (BTC) and ether (ETH).

USDT has a total market capitalization of roughly $73 billion, with its issuer Tether asserting its assets exceed its liabilities.