Arbitrum, a popular Ethereum layer-2 scaling solution, is making waves in the decentralized finance (DeFi) space after its much-anticipated ARB token airdrop. The network’s total locked value (TVL) has skyrocketed by over 22% in just one week, making it the fourth-largest network by TVL, just behind Ethereum, Tron, and the BNB Chain.
According to data from DeFi Llama, the TVL in Arbitrum has increased more than 22% in the past seven days alone, making it the fourth-largest network by TVL with $2.18 billion. The network accounts for around 4.43% of the total value locked across all blockchains.
The DeFi Llama data show that the decentralized exchange GMX has the highest TVL on Arbitrum, with $502 million, followed by Uniswap’s V3, with $292 million. Uniswap’s trading volume on the network also surged by around 60% in the past week.
The ARB token, a governance tool distributed through an airdrop to early adopters, has been highly anticipated by the DeFi community. As a result, the team distributed 11.62% of its total supply to early adopters who completed various tasks over the past years. Additionally, 1.13% of the token’s supply was given to decentralized autonomous organizations (DAOs) that helped build applications on Arbitrum.
Overall, the recent success of Arbitrum can be attributed to its ability to offer a seamless user experience and its commitment to innovation. As the DeFi space continues to grow and evolve, it’s clear that Arbitrum will remain a key player in the field.
Conclusion
The release of the ARB token through airdrop has propelled Arbitrum to new heights in the DeFi space. The network’s TVL has surged by 22% in just one week, making it the fourth-largest network. The ARB token, a governance tool distributed through the airdrop, has been highly anticipated by the DeFi community.
