Arbitrum surpasses $150 billion in total transaction volume on Uniswap

DeFi • May 6, 2024, 1:10PM EDT

Published 1 minute earlier on

Quick Take

Arbitrum is the first Layer 2 to pass the $150 billion total transaction volume threshold on the DEX.

Ethereum Layer 2 protocol Arbitrum surpassed $150 billion in transaction volume on the decentralized exchange Uniswap.

Arbitrum is the first Layer 2 to pass the threshold on the DEX, Uniswap Labs wrote in a social media post on Monday. As of early May, Arbitrum's cumulative swap volume hit $150.2 billion.

Blockchain data tracker DeFiLlama shows Arbitrum's total value locked (TVL) as $2.64 billion, making it the largest Layer 2 by TVL and the fifth largest protocol by TVL behind the Layer 1s Solana, BSC, Tron and Ethereum.

The protocol's native token, ARB, changed hands at $1.07 at 12:45 p.m. ET (16:45 UTC) on May 6 after seeing a 2% decrease of $0.022 in the past 24 hours, according to The Block price page for ARB.

Arbitrum's core contributor, Offchain Labs, released the Layer 2's most recent upgrade, called Atlas, in March of this year. The upgrade added block transaction support to help lower Ethereum Layer 2 transaction costs, The Block previously reported.

Uniswap is the largest decentralized exchange by TVL, maintaining $5.54 billion as of May 6, DeFiLlama data shows.

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About Author

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 the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto 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. You can follow MK on X @MManoylov and on LinkedIn.