Camelot, an Arbitrum-based decentralized exchange (DEX), has seen its total value locked (TVL) skyrocket by over 50% in the past week, reaching a new milestone of $100 million as of Sunday. The surge comes as users are gearing up for Arbitrum’s token airdrop, which is set to happen on Thursday.
Camelot has seen its 24-hour trading volume reach an all-time high of $47 million on Saturday, according to data from TVL aggregator DefiLlama and blockchain analytics firm Nansen. This makes Camelot the 10th largest entity on Arbitrum this week, based on the number of users. DeFi aggregators are becoming increasingly popular as they allow users to access multiple DeFi protocols from a single platform, making it easier to manage their investments. Camelot’s success is a testament to the growing popularity of DeFi aggregators and the potential of the DeFi space.
Camelot’s native token GRAIL has seen a 134% surge in price over the past seven days, according to CoinGecko. This growth is attributed to the upcoming ARB airdrop from Arbitrum, which is set to take place on Thursday. Camelot is a decentralized exchange (DEX) built on Arbitrum, and users are expecting ARB to be listed on the DEX, allowing them to trade or deposit it in Camelot’s liquidity pools. This airdrop is generating a lot of interest in the Camelot ecosystem, and the GRAIL token is reaping the benefits.
According to Nansen data, the number of users and transactions on Camelot rose by 19% and 42%, respectively. Wrapped ether (wETH), USD coin (USDC) and Camelot’s native token GRAIL are the three most liquid tokens on Camelot, making up 64% of the total value locked (TVL). This surge in users and transactions is indicative of the growing popularity of DeFi platforms and the increasing demand for digital assets. Camelot is well-positioned to capitalize on this trend and continue to grow its user base and TVL.
