• Non-native DEXs have launched on the Arbitrum protocol, increasing competition among various protocols on the platform.
• Gas usage on the Arbitrum platform has increased, but Stablecoin network growth has declined.
• GMX has surpassed $100 million in fees and made a number of collaborations with various protocols, which could further increase its competitiveness on the platform.
The Arbitrum protocol has seen a significant increase in competition among various protocols on the platform as non-native decentralized exchange (DEX) platforms have launched on the platform. Uniswap, one of the DEXs that launched on Arbitrum, continues to dominate the market in terms of volume, capturing 85.5% of the overall volume on the protocol. GMX, another non-native DEX, has recently hit the $100 million revenue mark and made a number of collaborations with various protocols, which could further increase its competitiveness on the platform.
The Arbitrum platform has also seen a significant increase in the number of active users, according to data provided by Dune Analytics. At the time of writing, there were 201,618 weekly active users on the Arbitrum network. This interest being generated from DEXs has also contributed to the increase in active users. Gas usage on the Arbitrum platform has also increased due to the increased competition and interest from DEXs.
However, the recent surge in activity on the Arbitrum platform has also had an adverse effect on the Stablecoin network growth. Stablecoin network growth has seen a decline due to the increased competition from DEXs. This decline has been attributed to the increased demand for trading and the liquidity provided by DEXs.
The Arbitrum protocol has seen a considerable amount of activity over the last few months, with non-native DEXs launching on the platform and increasing the competition among various protocols. GMX has surpassed $100 million in fees and made a number of collaborations with various protocols, which could further increase its competitiveness on the platform. Gas usage on the Arbitrum platform has increased due to the increased competition, but Stablecoin network growth has declined due to the increased demand for trading and liquidity provided by DEXs. As the Arbitrum platform continues to gain traction, the competition among various protocols is likely to increase further.
