The Arbitrum ecosystem is taking off, data analyst @defi_mochi uses F lipside (a highly customized data development tool with a high degree of freedom to display key economic indicators of a specific chain to track its health and overall parameters ) analyzed all data from Arbitrum on DefiLlama . The following content is compiled and compiled by Odaily Planet Daily, which can give you a clearer understanding of the entire ecosystem of Arbitrum .
We saw two large deposits into Arbitrum in February with a balance of over $450 million, which I suspect is due to exchange listings and a large amount of Fomo funds entering the Arbitrum ecosystem .
Due to the recent market impact, although funds entering Arbitrum have generally increased, bridging deposits have decreased slightly. From the figure below, it can be clearly seen that bridging deposits have dropped from above US$1 billion to below US$200 million, a drop of more than 80%.
But during times of panic, both DEX and options trading volumes on Arbitrum increased, and the increased options trading volume led to an uptick in GMX activity. Due to the arbitrage between USDC and USDT , the trading volume of DEX has increased significantly. It can be seen that on March 11, the trading volume of DEX and options reached a peak, and the trading volume of both exceeded 800 million US dollars. Compared with the data of the past few months, the increase is relatively large.
This massive activity and bridging deposits has rocketed Arbitrum's TVL to $2 billion and an ATH. So where do these revenues and funds go?
According to DefiLlama data, 70% of Arbitrum's fee market share is overwhelmingly occupied by GMX , and Gains Network has also occupied 7% of the fee market after its launch in late December.
In addition to fees charged by Arbitrum itself, the market share of the top 5 protocols charging fees is as follows:
1. GMX, which creates decentralized cryptocurrency Derivatives and spot exchanges for large traders, accounts for 70.84%, and is also the leading DEX Derivatives on Arbitrum .
2. Arbitrum's own fees account for 11.25%.
3. Gains Network, a decentralized perpetual contract trading platform that provides cryptocurrency and foreign exchange trading options and leveraged trading , accounts for 7.88%.
4. Hegic, an on-chain option platform that provides WBTC and ETH option purchase services , accounted for 3.5%.
5. MUX Protocol , a decentralized leveraged trading protocol that provides zero slippage and up to 100 times leverage , accounts for 1.31%.
In addition, there are protocols such as Solidlizard, Zyberswap, and Premia.
From the data I was able to discover which protocols could be deeply involved. So I created this table again based on the monthly fee data for each agreement on Arbitrum, with monthly changes in percentages, the agreements that stood out to me were:
1. Lyra , an option protocol integrated with GMX , has received $3 million in financing from Framework Ventures and GSR. Last month, its fees increased 276%.
2. Z yberSwap, combining Uniswap V2 and Curve ’s DEX , last month’s fee increased by 556%, but its tokens experienced a death spiral at the end of January to close to zero. Thanks to the recovery of DeFi on Layer 2, the recent momentum is obvious. But also note that while volume on Z yberSwap appears to be picking up, TVL has remained stagnant so far. Most of the trading volume comes from their stable trading pair USDT/DAI/USDC.
3. A rbitrum, fees increased 114% last month.
Analyzing weekly data from these protocols, Lyra has performed impressively, up nearly 76% over the past week. In addition, due to the impact of the USDC unanchoring event, projects such as ZyberSwap also have obvious growth momentum.
But I was still very curious about Lyra , so I went to Tokenterminal to check all its data, and there are amazing growth in all aspects:
1. TVL: Up 20% to $35.86 million.
2. Price/fee: $4.33 (down 31.7%).
3. The annualized transaction volume has increased by another 20% on the basis of the recent surge.
Therefore, I am personally very bullish on this fundamental uptrend. The above is the data analysis of @defi_mochi , and does not represent the views of Odaily Planet Daily, nor does it constitute investment advice. Please analyze and judge by yourself.
