• Arbitrum witnessed a surge in network activity through its dApps.
• Whales showed interest in ARB as the price of the token saw green.

The Arbitrum [ARB] ecosystem has flourished over the last year, attracting interest in both the token and its ecosystem. One of the main reasons for the same would be the network’s dApp activity.

Read  Arbitrum’s [ARB] Price Prediction 2023-2024

Arbitrum’s dApps do the heavy lifting

A dApp on Arbitrum, known as the MUX protocol, played a great role in increasing activity on the former. The MUX Protocol is a dApp that offers optimized trading cost, deep liquidity, market options, and leveraged trading capabilities for its users.

According to recent data, the fees generated by this protocol surged significantly. This was because the dApp registered an all-time high in terms of volume on the network.

The Arbitrum ecosystem managed to accrue 90% of the fees generated by this protocol at press time, which amounted to $5.2 million.

However, despite the surge in dApp activity, DEX volumes on Arbitrum continued to decline. Along with that, the TVL on Arbitrum also fell significantly during this period. This indicated that the protocol still needed to show some growth in the DeFi sector.

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Author: Himalay Patel

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