Arbitrum’s Total Value Locked Surges Past $2.5 Billion as Token Nears $2

Arbitrum, the automated market maker (AMM) built on Ethereum, has seen its total value locked (TVL) surge past $2.5 billion as its native token ARB has approached $2. Arbitrum is the most valuable AMM in the DeFi space and the second-largest project in terms of TVL after the Yearn.Finance protocol. The surge in value came after a rapid increase in the ARB token price. The token’s price has risen over 40% in the last week, and has seen a massive jump of nearly 30% in the last 24 hours alone. At the time of writing, the token is trading at around $1.85, with its 24-hour trading volume clocking in at around $710 million. In the past, Arbitrum has seen its usage rise when its token price surged, suggesting the current increase in value could be the result of increased usage of the protocol. Arbitrum’s AMM has also been integrated with famous DeFi projects like 1inch, Aave, Compound, and Synthetix, potentially boosting its user base. The surge in value and usage has been accompanied by an influx of capital into the protocol. The project’s liquidity reward program has been credited with driving liquidity to the protocol. The project has also recently launched a staking pool that allows users to earn revenue from their ARB holdings.