Arbitrum’s [ARB] has had a busy week, at least as far as stablecoins are concerned. And, it’s probably going to get busier now. Especially now that there’s a new privacy tool on the network, giving people more reasons to show up.
Will they though?
Arbitrum added $64.2M in stablecoin DEX volume last week
No one else came close.
Arc was in second place, with $11.8 million. Ink added $4.2 million, and Tempo $2.7 million. After that, it fell off a cliff. OP Mainnet, zkSync, and Gnosis each grew by less than $200K, and Boba added under $20K.
Every chain from second to eighth together will get you roughly $19.2 million. And yet, Arbitrum’s number is more than three times that.
Here, it’s worth pointing out that this chart is a measure of growth. It is a measure of who added the most stablecoin trading in a week. Not who’s the biggest overall.
Private transfers and swaps, now on Arbitrum
NullMask, a privacy protocol, is now live on the network. Users can send, swap, deposit and withdraw crypto, and even check their balances, without putting the transaction details out in public.
Normally, anyone with a block explorer can see all of that.
There’s been more appeal for this on Layer 2s, especially from those who value their privacy.
Now, whether it actually brings more users and volume is still an open question. However, it’s still reason enough to stick around.
ARB tags $0.188, but is money flow slower?
ARB has had a decent run on the price charts lately.
After dipping to about $0.160 late on 8th November, ARB went up to $0.188 by next afternoon. It’s since pulled back a bit and at press time, ARB was trading near $0.1795.
That pointed to 12% above the dip, comfortably clear of the range it had been in for most of the near-term.
The RSI was close to 77 at the top; before it fell to to 58.2 later under its Signal Line at 64.1. The CMF is the one to watch though. It was barely below zero, after shortly going green during the rally. The price went up, but real buying pressure didn’t really follow.
The move has a better shot at sticking if ARB climbs above $0.172.
Final Summary
- Arbitrum added $64.2 million in stablecoin DEX volume in a week!
- NullMask’s privacy tools are now live on Arbitrum.
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