Decentralized Exchange Camelot Crosses $100M in TVL Ahead of Arbitrum Airdrop
Camelot, an Arbitrum native decentralized exchange (DEX), has seen its total value locked (TVL) rise by more than 50% over the past week, crossing $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.
Data from TVL aggregator DefiLlama also showed Camelot’s 24-hour trading volume topped $47 million Saturday, an all-time high for the 10th largest entity on Arbitrum this week (based on number of users), according to blockchain analytics firm Nansen.
Over the past seven days, the price of Camelot’s native token GRAIL has jumped 134%, per CoinGecko.
Camelot’s growth comes amid massive interest in Arbitrum’s ARB airdrop coming on Thursday. Camelot is a DEX built on Arbitrum, and users in the Camelot ecosystem are expecting ARB, once airdropped, to be listed on the DEX, which would mean ARB can be traded or deposited in Camelot’s liquidity pools.
Additionally, the number of users and transactions on Camelot rose by 19% and 42%, respectively, over past seven days, per Nansen data.
Wrapped ether (wETH), USD coin (USDC) and Camelot’s native token GRAIL are the three most liquid tokens on Camelot, making up 64% of TVL, according to data sourced from Camelot’s analytics page.