Arbitrum TVL Rises From $599M To $1.48 Billion By 250%
On February 13, DeFi TVL and analytics DefiLlama shared that on July 12, 2022 the Arbitrum TVL was $599.35 million, however, the TVL has increased by 250% to $1.48 billion.
On July 12th, 2022, the @arbitrum TVL was $599.35 million. Seven months later, as of today, the TVL has increased to $1.48 billion, a near 250% increase pic.twitter.com/SDDFdxOrUQ
— DefiLlama.com (@DefiLlama) February 12, 2023
Moreover, DefiLlama announced on February 11, that recent activity on GMX, including the closing of Andrew Kang’s long positions of ETH and BTC, has resulted in a new all-time high for GMX on its fees dashboard. Additionally, the post said:
In the past 24 hours, GMX reached $5,641,320 in user fees, which is more than double its previous all-time high.
Recently, the performance of Arbitrum in the DeFi space has been astounding. Data from DeFiLlama, which highlighted the chain’s growing percentage of the daily trade volume recorded by Sushiswap [SUSHI], one of the biggest decentralized exchanges [DEX] in the market, echoed the sentiment expressed in the article.
Additionally, the majority of the activity on GMX, the biggest permanent decentralized exchange, has moved from Avalanche [AVAX] to Arbitrum. At the time of publication, GMX made up most of the total value locked (TVL) on Arbitrum.
The trading volume of DEXes on the chain can also be used to estimate the growth of DeFi protocols on Arbitrum. Over the previous seven days, the overall volume was $2 billion, representing an increase of nearly 50% week over week (WoW).
Since the FTX fall, the daily trading volume reached a three-month high.
The entire volume registered over the last seven days was just over $600 million, which is less than half of the value of Arbitrum during the same time period. At the same time, Optimism’s volume increased by only 11% WoW.
Arbitrum even managed to outperform Polygon [MATIC], an Ethereum sidechain, in terms of volume over the past 24 hours as well as the previous 7 days.