Gains DEX dominated in terms of Open Interest. The number of transactions on the Arbitrum protocol declined after surpassing Ethereum. Gains Network [GNS], a prominent DEX on the Arbitrum protocol, captured massive amounts of forex demand on 27 February. This helped the protocol have a large majority in terms of Open Interest. gTrade by @GainsNetwork_io […]
According to Dapp Radar, the volume on the Gains network increased by 39% over the last 24 hours as a result of the development. At press time, the volume on the protocol increased to $722,000. Coupled with that, the number of unique active wallets surged by 18.98% in the same period.Source: Dapp Radar
Another reason for Arbitrum’s increasing popularity was the decreasing transaction fees for the users. Arbitrum provided a cheaper alternative to users, which made them choose this layer 2 solution over other protocols. This development also helped Arbitrum users make savings. According to Dune Analytics’ data, Arbitrum users saved up to 94.5% of ETH by making transactions on the protocol.Due to the low fees offered by Arbitrum, the overall number of active addresses on the network saw an uptick. Over the past few days, the number of active users on the network increased from 273,230 to 441,260, according to Dune Analytics.on 22 February. However, after Arbitrum surpassed that threshold, the number of transactions on the network plunged from 1.
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