• Arbitrum’s dApps have seen a surge in activity, leading to an increase in fees and interest from whales.
• The MUX Protocol has been credited for the boost in activity, as it registered an all-time high volume on the network.
• Despite the activity of dApps, DEX volumes and TVL on Arbitrum have decreased, although whales have shown massive interest in ARB tokens causing prices to surge significantly.
Arbitrum’s Network Activity Surge
Arbitrum’s network has seen a surge in activity through its dApps recently. Whales have also shown interest in ARB as the price of the token saw green. This surge is mainly attributed to one particular dApp on Arbitrum known as the MUX protocol which offers optimized trading cost, deep liquidity, market options and leveraged trading capabilities for its users.
MUX Protocol Driving Fees
The fees generated by this protocol surged significantly due to its all-time high volume registered on the network. Approximately 90% of these fees were accrued by Arbitrum’s ecosystem amounting upto $5.2 million at press time.
Decrease In DEX Volumes & TVL
Despite the above mentioned activity of dApps, DEX volumes and TVL on Arbitrum have both decreased indicating that further growth is needed within the DeFi sector for further progress.
Whales Show Interest In ARB Token
Whales showed massive interest in ARB tokens despite declining metrics on Arbitrum’s platform as noted before. One investor deposited 200 $ETH (equivalent to $372.7K) into the Arbitrums network acquiring 321,910 ARB tokens at a price of $1.16 per token at press time with an average buying price of $1.09 per token . This caused ARB prices to surge significantly over recent weeks with it currently being valued at $1 171 according to Santiment’s data .
Conclusion
In conclusion , we can see that even though there has been a decrease in DEX volumes & TVL , whales still showed interest in ARB tokens which caused prices to surge significantly . However , there needs more growth within DeFi sector for further progress .
