Arbitrum, a layer 2 network built on the Ethereum blockchain, is witnessing a robust performance as the new year unfolds. Notably, the platform has experienced significant upswings in trading volume and the valuation of its native token, ARB.

Indeed, this positive momentum signals a promising trajectory for Arbitrum in the early stages of the year.

Arbitrum’s Thriving DeFi Ecosystem

On-chain data from DeFiLlama shows that trading volume on decentralized exchanges (DEX) on the Arbitrum network has surpassed other blockchains, including Binance Smart Chain, Solana, and Polygon, over the past week. Remarkably, on January 5, the DEX volume on Arbitrum briefly outpaced that of Ethereum’s mainnet, marking a noteworthy milestone.

This accomplishment can be largely attributed to a surge in crypto investors leveraging the network’s cost-effective transaction fees.

According to data from L2Fees, Arbitrum is one of the most economical networks to transact, boasting an average fee of $0.26. In stark contrast, the average transaction fee on the Ethereum network exceeds $5. This could be the reason why DEXes on the Arbitrum have experienced a significant increase in trading volume.

Whil

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Author: Oluwapelumi Adejumo

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