Arbitrum DEXs daily transaction volume eclipse Ethereum, Solana

Decentralized exchanges (DEX) transaction volume on Arbitrum , a layer2 network, surpassed that of Ethereum for the first time during the past day, according to DeFillama data .

During the reporting period, DEXs on Arbitrum saw their volume soar to $1.843 billion, surpassing Ethereum’s $1.444 billion and Solana’s $683.59 million.

This surge aligns with Arbitrum’s continuous weekly growth, rising by 32.58% to $6.804 billion, a new all-time high, though still trailing Ethereum’s $9.581 billion. However, it surpasses Solana’s $5.039 billion and notably exceeds Binance Smart Chain’s daily volume by nearly fourfold.

The rising DEX volume also coincided with high-network activity on the layer2 network. During the past day, Arbitrum’s daily transaction per second stood at 14.05, while Ethereum mainnet’s was 12.92, according to L2beat data .

Uniswap dominates

The increased trading volume can be attributed to heightened activity on Arbitrum’s DEXs like  Uniswap , Camelot, Ramses Exchange, and Trader Joe. Data from DeFillama shows that these protocols have enjoyed double-digit growth to new highs during the past week.

Uniswap Labs , the developers of the popular decentralized trading protocol Uniswap, revealed that Arbitrum became the first layer2 network to cross a billion in daily volume on the platform on Jan. 4.

Uniswap is the largest DEX protocol by trading volume across all chains, with an average volume of more than $1.5 billion during the past week.

Arbitrum’s rising TVL

The rising DEX volume has also coincided with a sharp increase in the total value of assets locked on the Ethereum-based layer2 network.

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

Additionally, Arbitrum’s native ARB token recently reached a new all-time high of more than $2 on Jan. 4 but has retraced to $1.94 as of press time, according to CryptoSlate’s data .