Stablecoins inflow to Ethereum L2s rise 5% to over $2B News ▸ Ethereum ▸ Stablecoins
Stablecoins inflow to Ethereum L2s rise 5% to over $2B
In February, Arbitrum's stablecoin inflow averaged over $10 million per day as the network saw a total influx of around $300 million.
2 min read
Updated: Mar. 6, 2023 at 11:50 am UTC
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Stablecoin inflow into Ethereum (ETH) layer 2 (L2) networks increased 5% in the last seven days to over $2 billion, according to DeFillama data.
Arbitrum averaged a $10M inflow per day in February
In February, Arbitrum’s stablecoin inflow averaged over $10 million daily as the network saw a total influx of around $300 million.
The inflows continued during the early days of March as it recorded a cumulative sum of $32.52 million. The network saw an outflow of $10.15 million during the same period.
The network’s significant inflow occurred on Mar. 5 when it recorded an inflow of $16.57 million in one day.
DeFillama data showed that USD Coin (USDC) accounts for 67% of all stablecoins on Arbitrum with $968.63 million. Other dominant stablecoins on the network include Tether’s USDT and DAI, with a cumulative balance of $394.81 million.
The increased stablecoin inflow also coincided with a period when transaction activity on Arbitrum increased. The L2 network saw its transaction volume reach a new all-time high of 690,000 in Feb. Besides that, the increased network activity saw its transaction volume surpass Ethereum for the first time.
Meanwhile, Arbitrum is the second most popular network for decentralized exchanges (DEX). For context, its total volume in the last 24 hours was $207.29 million, ahead of rivals like Polygon, Binance Smart Chain, and Optimism. However, it is miles below Ethereum, which is $1.03 billion.
According to L2Beat, the total value of assets (TVL) locked on Arbitrum is $3.37 billion, rising 0.17% in the last seven days.
Optimism stablecoin inflow rises 5% in seven days.
Since the beginning of March, Optimism’s (OP) stablecoin inflow increased 4.89% to $669.11 million, according to DeFillama data.
Optimism’s significant inflow occurred on Mar. 3 when it recorded around $6.3 million.
The increased inflow is in contrast to February when it recorded an outflow of nearly $120 million.
USDC is also the dominant stablecoin on Optimism. The Circle-issued stablecoin accounts for roughly 55% of the stablecoins on the network, with $364.56 million. The other stablecoins in the top three include Synthetix protocol’s sUSD and USDT, with a combined value of $145.77 million.
Optimism’s TVL stands at $1.89 billion, according to L2 beats data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Optimism
$1.92128
Optimism is a layer-2 scaling network for the Ethereum blockchain.
sUSD
$0.97821
sUSD (formerly nUSD) is the stablecoin launched by Synthetix Network (formerly Havven).
USD Coin
$1.00009
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Dai
$0.99988
Dai (DAI) is a cryptocurrency token and operates on the Ethereum platform.
Tether
$0.99957
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
