Arbitrum TVL surges 22% in a week amid its airdrop

As the much-anticipated ARB airdrop was completed, the total value of the cryptocurrencies locked up in Arbitrum began a meteoric rise. The airdrop has, however, drawn much attention from scammers.

The data comes not long after the much-anticipated ARB airdrop. The token was finally distributed to early users on March 23.

According to information provided by DeFi Llama, the total locked value (TVL) in Arbitrum has increased by more than 22% over the course of the last week alone.

Because of this, Arbitrum, who surpassed Ethereum temporarily amid the airdrop’s anticipation, is now the fourth-largest network measured in terms of TVL, with $2.18 billion, placing it directly behind Ethereum, Tron, and the BNB Chain in the rankings. Also, it represents around 4.43% of the total value that is now locked across all blockchains.

GMX is the decentralized exchange with the greatest TVL on Arbitrum, with $502 million, followed by Uniswap’s V3, which has $292 million. For the previous week, the trading volume on the protocol for Uniswap also increased significantly as excitement on the network grew.

ARB price today

The ARB token in and of itself is a mechanism for governance. The development team has given a significant percentage of the token’s total supply to early adopters who have completed various tasks over the last several years.

Moreover, over one percent was distributed to decentralized autonomous organizations (DAOs) that assisted in developing apps on the Arbitrum platform.

ARB was trading at roughly $1.27, representing a 24-hour decrease of over 2% within a 24-hour period as of press time.