Ethereum layer 2 protocol Arbitrum has surpassed $150 billion in trading volume on decentralized exchange Uniswap.
Arbitrum is the first layer 2 DEX to pass the threshold of Uniswap Labs. wrote in a social media post on Monday. As of early May, Arbitrum’s cumulative swap trading volume reached $150.2 billion.
Blockchain data tracker DeFiLlama shows that Arbitrum’s Total Value Locked (TVL) is $2.64 billion, making it the largest layer 2 in TVL and the 5th largest protocol in TVL after layer 1 Solana, BSC, Tron, and Ethereum. .
According to ARB’s block price page, ARB, the protocol’s native token, was trading at $1.07 at 12:45 PM ET (16:45 UTC) on May 6 after seeing a 2% decline of $0.022 over the past 24 hours.
Offchain Labs, a core contributor to Arbitrum, released the latest upgrade to Layer 2, called Atlas, in March this year. The Block previously reported that the upgrade added support for block transactions to help lower Ethereum Layer 2 transaction costs.
Uniswap is TVL’s largest decentralized exchange, holding $5.54 billion as of May 6, according to DeFiLlama data.
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MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.