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Cryptocurrency News Articles
Arbitrum Breaks $150B Transaction Volume on Uniswap, Setting Milestone for Ethereum Layer 2s
May 07, 2024 at 01:03 am
Arbitrum, an Ethereum Layer 2 protocol, has surpassed $150 billion in transaction volume on Uniswap, the leading decentralized exchange. This milestone marks a significant achievement for Arbitrum, making it the first Layer 2 to achieve this volume on Uniswap. At press time, Arbitrum boasts a cumulative swap volume of $150.2 billion, with a total value locked (TVL) of $2.64 billion, ranking it as the fifth largest protocol by TVL.
Arbitrum Surpasses $150 Billion in Transaction Volume on Uniswap, Marking a Milestone for Ethereum Layer 2 Protocols
Arbitrum, a prominent Ethereum Layer 2 protocol, has achieved a significant milestone by surpassing $150 billion in transaction volume on the decentralized exchange (DEX) Uniswap. This is the first time a Layer 2 protocol has crossed this threshold on Uniswap, a testament to Arbitrum's growing adoption and utility.
Uniswap Labs, the company behind Uniswap, announced this achievement in a recent social media post. As of early May, Arbitrum's cumulative swap volume had reached $150.2 billion, solidifying its position as a major player in the DEX landscape.
According to the blockchain data tracker DeFiLlama, Arbitrum's total value locked (TVL) currently stands at $2.64 billion. This makes it the largest Layer 2 protocol by TVL and the fifth largest overall, trailing only the Layer 1 blockchain platforms Solana, Binance Smart Chain (BSC), Tron, and Ethereum.
The native token of the Arbitrum protocol, ARB, has also experienced some market activity in recent times. As of 12:45 p.m. ET on May 6th, ARB was trading at $1.07, having seen a 2% decrease of $0.022 within the previous 24 hours, according to data from The Block.
In March of this year, Arbitrum's core contributor, Offchain Labs, released the protocol's latest upgrade, known as Atlas. This upgrade introduced support for block transactions, a feature designed to reduce transaction costs on the Ethereum Layer 2 network, as previously reported by The Block.
The performance of Arbitrum on Uniswap reflects the growing traction of Layer 2 protocols as a solution to scaling challenges faced by Ethereum. Layer 2 protocols operate alongside the main Ethereum blockchain, helping to alleviate congestion and lower transaction costs.
Uniswap, the largest decentralized exchange by TVL, remains a key player in the DeFi ecosystem. With $5.54 billion in TVL as of May 6th, Uniswap provides a platform for users to trade various crypto assets in a decentralized and secure manner.
The integration of Arbitrum with Uniswap offers users a more efficient and cost-effective way to access the popular DEX. As Layer 2 protocols continue to evolve and mature, they are expected to play an increasingly important role in supporting the growth and scaling of the Ethereum ecosystem.
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