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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.