Camelot, an Arbitrum native decentralized exchange (DEX), saw its total value locked (TVL) increase by more than 50 percent over the past week, surpassing $100 million on Sunday. The increase occurs as users prepare for Thursday’s scheduled airdrop of Arbitrum’s tokens.
Statistics from TVL aggregator DefiLlama also revealed that Camelot’s 24-hour trading volume surpassed $47 million on Saturday, a record high for the tenth-largest entity on Arbitrum this week based on a number of users, claimed blockchain analytics firm Nansen.
According to CoinGecko, the price of Camelot’s native token, GRAIL, increased by 134% during the previous week.
The rise of Camelot coincides with the tremendous interest in Thursday’s ARB airdrop by Arbitrum. Camelot is a DEX built on Arbitrum, and users in the Camelot ecosystem anticipate that ARB will be listed on the DEX after it has been airdropped, allowing ARB to be traded or put into Camelot’s liquidity pools.
Additionally, as per Nansen’s records, Camelot witnessed a surge of 19% in its user base and a 42% increase in transactions over the previous week.
Wrapped ether (wETH), USD coin (USDC), and Camelot’s native token, GRAIL, are the three most liquid tokens on Camelot, accounting for 64% of total token volume (TVL), according to statistics obtained from Camelot’s analytics page.