Camelot, an Arbitrum native decentralized exchange (DEX), has recently experienced impressive growth, with its total value locked (TVL) soaring over 50% in just one week, now crossing $100 million. This surge in popularity can be attributed to the upcoming token airdrop by Arbitrum, which is scheduled to happen on Thursday.
According to DefiLlama, a TVL aggregator, Camelot’s 24-hour trading volume hit an all-time high of $47 million on Saturday. It is now the 10th largest entity on Arbitrum, based on the number of users, as reported by blockchain analytics firm Nansen.
In the past seven days, Camelot’s native token GRAIL has also jumped 134% in value, according to CoinGecko. This trend is expected to continue, as the ARB token airdrop approaches, and users anticipate its listing on the DEX.
Camelot’s growing popularity is further evidenced by the 19% rise in the number of users, and 42% increase in transactions over the past week, as reported by Nansen data.
The three most liquid tokens on Camelot are Wrapped Ether (wETH), USD Coin (USDC), and GRAIL, which collectively make up 64% of TVL, according to data sourced from Camelot’s analytics page.
As the crypto community anticipates the upcoming ARB airdrop, Camelot’s impressive growth is a testament to the growing interest in decentralized exchanges built on the Arbitrum network and the potential for significant rewards for those who take advantage of this emerging opportunity.