Decentralized exchange (DEX) transaction volume on Arbitrum hit a weekly all-time-high of $2.62 billion after climbing 34.5% over the last seven days — making it the third most active blockchain network following Ethereum and Binance Smart Chain, according to DeFiLlama data.

Meanwhile, daily transaction volume for DEXs on Arbitrum stood at $373.1 million on Feb. 20 — second only to Ethereum. The total value locked (TVL) on Arbitrum was $1.16 billion, while the cumulative volume stood at $122.26 billion.

The spike in transaction volume over the week was caused by a rise in most native application tokens on the Arbitrum network.

Based on weekly cumulative volume, the top five DEXs on Arbitrum were Uniswap, SushiSwap, Camelot, GMX and Curve.

Uniswap’s 7-day cumulative volume on Arbitrum was up 35.64% on a weekly basis to $1.32 billion, while its cumulative daily volume stood at $164.06 million on Feb. 20. Uniswap’s total cumulative volume on the network stands at $25.21 billion.

SushiSwap had the second highest 7-day cumulative volume on Arbitrum at $572.96 million — up 23.95% on a weekly basis, while Camelot’s $149.33 million was the third highest.

GMX – Swap’s 7-day cumulative volume saw the biggest weekly growth and is up 65.41% to $89.86 million — just above Curve’s $89.58 million.

According to a Bernstein research report, Arbitrum is one of the fastest growing blockchain networks in terms of userbase, CoinDesk reported.

According to the report, the growth is mainly driven by DeFi and gaming applications on the network. New user acquisitions are up 2x over six months, while transaction growth has hit almost 50% of daily Ethereum transactions during January.

Additionally, revenue was up 4x in January compared to six months ago, the report said.

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