Ethereum’s L2 stablecoin inflow rises 5% to over $2 billion

Inflow of Ethereum stablecoins (ETH) Layer 2 (L2) networks increased 5% in the past seven days to over $2 billion, according to DeFillama data.

Arbitrum reported an average inflow of $10 million per day in February

Arbitrum stablecoin inflow was average in February over $10 million daily as the network saw a a total inflow of about $300 million.

Arbitrum Stablecoin Inflow
Source: DeFillama data.

Inflows continued in the early days of March, recording a cumulative amount of $32.52 million. The network saw $10.15 million in outflows during the same period.

The network’s significant inflow occurred on March 5, when an inflow of $16.57 million was recorded in a single day.

DeFillama’s data showed that USD Coin (USDC) represents 67% of all Arbitrum stablecoins with $968.63 million. Other dominant stablecoins on the web include Tether’s USDT and DAI, with a cumulative balance of $394.81 million.

The increased influx of stablecoins also coincided with a period when Arbitrum transaction activity increased. The L2 network saw its transaction volume hit a new all-time high of 690,000 in February. In addition, increased network activity took its toll transaction volume surpasses Ethereum for the first time.

Meanwhile, Arbitrum is the second most popular decentralized exchange (DEX) network. For context, its total volume in the last 24 hours was $207.29 million, ahead of competitors like Polygon, Binance Smart Chain, and Optimism. However, it is miles below Ethereum, which is $1.03 billion.

According to L2Beattotal asset value (TVL) locked in Arbitrum is $3.37 billion, up 0.17% over the past seven days.

Optimism stablecoin inflows up 5% in seven days.

Since the beginning of March Optimism (OP) stablecoin inflow increased 4.89% to $669.11 million, according to data from DeFillama.

Optimism Stablecoin
Source: DeFillama

Optimism’s significant inflow came on March 3, when it recorded about $6.3 million.

The increased inflow contrasted with February, when it reported an outflow of nearly $120 million.

USDC is also Optimism’s dominant stablecoin. The Circle-issued stablecoin represents approximately 55% of the stablecoins on the network with $364.56 million. Other stablecoins in the top three include the Synthetix protocol sUSD and USDT, with a combined value of $145.77 million.

Optimism’s TVL stands at $1.89 billion, according to data from L2 beats.

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