Arbitrum breaks its own record, but what’s the reason for the same?

ambcrypto.com:

Over the past few days, there has been an air of optimism in the crypto space. Arbitrum managed to cash in on this sentiment.

According to new data, Arbitrum has reached a new all-time high in terms of the number of transactions. The network logged in 690,000 daily transactions.

Source: Arbscan

One of the reasons for this spike in activity was the growing number of stablecoin inflow on the network. In the past month, the inflow for USDC increased by 31% and for USDT and DAI, it increased by 45% and 68% respectively.

During the same period, the network growth of these stablecoins also increased. However, DAI’s network growth was low compared to the other stablecoins.

DEX also played a role in increasing activity on Arbitrum. DEXes such as Trader Joe, witnessed a massive uptick in volume over the past few days.