Stablecoin inflow into Ethereum (ETH) layer 2 (L2) networks increased 5% in the past seven days to over $2 billion, according to DeFillama data.
Arbitrum averaged an inflow of $10 million per day in February
In February, Arbitrum’s stablecoin inflow averaged over $10 million daily as the network saw a total inflow of about $300 million.
The inflows continued during the first days of March, registering a cumulative amount of $32.52 million. The network saw an outflow of $10.15 million during the same period.
The network’s significant inflow occurred on March 5 when it recorded an inflow of $16.57 million in one day.
Data from DeFillama showed that USD Coin (USDC) represents 67% of all stablecoins on Arbitrum at $968.63 million. Other dominant stablecoins on the network include Tether’s USDT and DAI, with a cumulative balance of $394.81 million.
The increase in stablecoin inflows also coincided with a period when trading activity on Arbitrum increased. The L2 network saw its transaction volume hit a new all-time high of 690,000 in February. On top of that, the increased network activity saw its transaction volume surpasses Ethereum for the first time.
Meanwhile, Arbitrum is the second most popular network for decentralized exchanges (DEXs). For context, its total volume in the last 24 hours was $207.29 million, ahead of rivals such as Polygon, Binance Smart Chain, and Optimism. However, it is miles below Ethereum, which is at $1.03 billion.
According L2Beatthe total value of assets (TVL) locked up in Arbitrum is $3.37 billion, increasing 0.17% in the last seven days.
Optimism Stablecoin Inflow Rises 5% in Seven Days.
Since the beginning of March, Optimism (OP) stablecoin inflow increased 4.89% to $669.11 million, according to DeFillama data.
Optimism’s significant entry came on March 3 when it registered around $6.3 million.
The increase in inflow contrasts with February, when it posted an outflow of almost $120 million.
USDC is also the dominant stablecoin on Optimism. The stablecoin issued by Circle represents about 55% of the stablecoins on the network, at $364.56 million. The other stablecoins among the top three include sUSD and USDT from the Synthetix protocol, with a combined value of $145.77 million.
Optimism’s TVL stands at $1.89 billion, according to data from L2 Beats.
