Non-Native DEXs Surge on Arbitrum, Gas Usage Rises as Stablecoin Growth Declines

• 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, while Stablecoin network growth has declined
• Uniswap captured 85.5% of the overall volume on the protocol, while GMX hit the $100 million revenue mark

The Arbitrum protocol has recently seen a surge in interest from non-native decentralized exchange (DEX) platforms. These DEXs have had launches on the Arbitrum platform, thus, increasing the competition among various protocols on the platform. Uniswap, one of the non-native DEXs that launched on Arbitrum, continues to dominate the market share in terms of volume. According to the information provided by Dune Analytics, Uniswap was one of the non-native DEXs that managed to capture 85.5% of the overall volume on the protocol.

The press time landscape of the Arbitrum platform was highly competitive, with a variety of DEXs vying for market share and volume dominance. One DEX that stood out on the platform was GMX, which recently hit the $100 million revenue mark. GMX also made a number of collaborations with various protocols, which could further increase its competitiveness on the platform. This interest being generated from DEX’s also contributed to the number of active users on the Arbitrum network. The number of active users grew materially over the last few months according to data provided by Dune Analytics.

As the competition on the Arbitrum platform increases, the gas usage on the protocol has also seen a significant hike. According to data provided by Dune Analytics, the gas usage on the Arbitrum protocol increased by 192.23xx in the last few months. The increase in gas usage has been attributed to the increased competition on the protocol, as well as the increased number of transactions taking place on the platform.

However, the increased competition on the Arbitrum protocol has also had an adverse effect on the Stablecoin network growth. The Stablecoin network growth has declined substantially over the last few months. This could be attributed to the increased competition from non-native DEXs, as well as the increased gas usage on the platform.

In conclusion, the Arbitrum protocol has seen a surge in interest from non-native DEXs, thus increasing the competition on the platform. This increased competition has led to an increase in gas usage on the platform. However, the increased competition has also had an adverse effect on the Stablecoin network growth. Uniswap continues to be the dominant DEX on the platform, capturing 85.5% of the overall volume, while GMX has hit the $100 million revenue mark.