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Arbitrum Tokens Rack Up $2B in Trading Volume, Analysts Point to Growth Ahead
Integration into Arbitrum’s wider DeFi system could provide some new impetus for bullish sentiment for ARB tokens, one exchange executive said.
Updated Mar 24, 2023, 2:20 p.m. Published Mar 24, 2023, 12:34 p.m.
Arbitrum’s native ARB tokens totaled more than $2 billion in trading volume in the first 24 hours since going live, data shows.
The ARB token serves as a means of governance for the protocol. Holders of ARB can participate in decision-making processes, such as proposing and voting on protocol upgrades or changes.
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Among crypto exchanges, Bitget and Huobi led volumes with over $250 million worth of ARB traded. Decentralized exchange Uniswap, which relies on smart contracts to match trades between users, saw over $227 million in trading volumes – which netted over $500,000 in fees for liquidity providers.
ARB traded over $1.43 at press time on Friday, garnering a market capitalization of $1.8 billion based on a circulating supply of 1.25 billion ARB, according to CoinDesk data.
Meanwhile, some market observers see growth ahead for ARB tokens but warned about short-term volatility.
“We’re seeing a feverish trading environment for ARB tokens as the airdrop just launched. Airdrops logically garner a lot of retail attention, but often result in the price tanking as traders offload their tokens rapidly,” said Henry Liu, CEO of BTSE, in a Telegram message to CoinDesk.
“Despite the selling pressure from the airdrop, it remains to be seen what potential utility there is, and whether integration into Arbitrum’s wider [decentralized finance] system could provide some new impetus for bullish sentiment,” Liu added.
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