DEX Camelot Continues Stellar Growth – TVL Nearing $100 Million
On-chain metrics reveal Camelot’s remarkable growth in just the first three months of the year.
DEX Camelot Continues Stellar Growth – TVL Nearing $100 Million
Camelot, the decentralized exchange (DEX) on Arbitrum, is hitting new growth milestones following last month's achievements.
According to data from DeFiLlama, Camelot’s total value locked (TVL) surged by over 50% in the past week, reaching nearly $100 million at its peak. This growth is fueled by the overall activity on Arbitrum, especially as the layer-2 solution gears up for its ARB token airdrop on March 23, as previously reported by Coin68.
TVL Trends on Camelot as of March 21, 2023
Camelot’s 24-hour trading volume recently hit an all-time high (ATH) of $47.36 million, making it the third-largest decentralized trading platform on Arbitrum.
Camelot Trading Volume Trends. Source: DeFiLlama
Top 10 DEXs on Arbitrum. Source: DeFiLlama
Camelot also ranks among the top 10 platforms with the highest number of users on Arbitrum, according to Nansen. User count and transaction volume on the exchange have increased by 19% and 42% over the week, respectively.
Top 10 Platforms by User Count on Arbitrum. Source: Nansen
In the past week, the price of GRAIL has skyrocketed by 134%.
GRAIL Price Trends on the Daily Chart, Screenshot from TradingView at 08:59 AM, March 21, 2023
Camelot's growth comes on the heels of Arbitrum’s media frenzy surrounding its airdrop announcement, raising expectations that DEX usage could be a criterion for airdrop/retroactive rewards.
Currently, wETH, USDC, and GRAIL are the top three most liquid tokens on Camelot, collectively representing 64% of the TVL, according to platform analytics.
