Explosive Start to the Year for Arbitrum Network
The layer 2 network, Arbitrum, has recently made headlines by surpassing Ethereum in terms of decentralized exchange (DEX) trading volume.
This surge in activity is the result of a weekly increase of 32.58% in trading volume, reaching $1.83 billion. As a result, Arbitrum has emerged as the leader in the decentralized exchange market, a realm previously dominated by the Ethereum network.
Minor Setback for Ethereum
Despite its long-standing position as the DEX market leader, Ethereum has experienced a slight decline in its 24-hour trading volume, dropping to approximately $1.4 billion, a decrease of 4.77%.
However, Ethereum still maintains a substantial total value locked (TVL) of $5.96 billion, accounting for 26.29% of the total decentralized exchange market.
Another interesting point is the monthly dominance chart provided by DefiLlama, which clearly illustrates these changes, with Ethereum reducing its market share to 28.7%, while Arbitrum seizes 24.25% of the total dominance.
Other players like Solana, Binance Smart Chain (BSC), and Polygon are also showing variations in their trading volumes. For example, the Solana network experienced a more than 50% drop in its DEX volume within a week. In December, Solana briefly surpassed Ethereum and claimed the top spot in terms of decentralized exchange volume.
As you can see, these data reflect the dynamic and ever-evolving nature of the DEX market.
