Slingshot's Stellar Year on Arbitrum: November in Review

December 14th, 2022

We’re offering insight from original Slingshot data to look at the user and volume growth we’ve seen on Arbitrum over the past year. We’ll compare numbers from last November, when we launched Arbitrum support, to the numbers we saw during this past November. To do so, we’ll be looking at wallet growth (meaning, the increase of wallets actively using Slingshot to swap on Arbitrum) and volume growth (the amount of volume swapped using Slingshot on Arbitrum).

In regards to our competitors, our Arbitrum retail market share has been at 45% for the past 30 days. Last month, during November, our retail market share was the highest out of all DEX aggregators on Arbitrum, at 50%.

“Nobody is more laser focused on providing the best DeFi user experience than we are at Slingshot. It's why we take an L2 first approach by building on networks like Arbitrum. It's why our app looks and feels so good to use. And it's why we're setting all time high monthly active users in the depths of this bear market!” - Clinton Bembry, some guy at Slingshot

80x increase of wallets using Slingshot to swap assets on Arbitrum.

This past November, we saw a total of 56k wallets actively using Slingshot to swap tokens on the Arbitrum network. This is an 80x increase from last November, where we saw 0.7k active wallets using Slingshot on Arbitrum. We’ve continued to see a rise in wallet activity for those who choose Slingshot as their application for swapping on Arbitrum. Over the past year, there have been a total of 126k active wallets using Slingshot on Arbitrum.

$46m volume swapped on Arbitrum using Slingshot during November 2022, with 12x volume growth since November 2021.

Just this past month, $46m volume was swapped on the Arbitrum network using Slingshot. This equated in a 12x increase from November 2021, when we saw $3.7m volume swapped on Arbitrum using Slingshot. In total, $264m volume has been swapped with Slingshot on Arbitrum over the past year.

Support expanded and opportunities increased.

While we have supported Arbitrum One for over a year, we recently added support for Arbitrum Nova, as well. For those who may not be as familiar with Nova, it is catered toward the gaming and NFT communities, and offers transactions specifically for these types of projects.

Our most recent Quest we launched on Layer3 was multi-chain, offering unique reward opportunities for users who participated. The first Bounty incentivized users to swap on Arbitrum using Slingshot, to get 250 XP. We’ve previously included Arbitrum in Layer3 Quests, and look forward to more.

As always, we thank our Slingshot community for your support and vocal excitement. We are continuously working to provide you with the best experience and are always appreciative of your involvement during our initiatives.

Please note: This message is provided for educational and informational purposes only. By using Slingshot, you agree to our Terms and Conditions. This is not investment advice or a recommendation or solicitation to swap or hold any digital asset or to use a particular investment strategy. Some digital assets and markets may be unregulated, so you may not be protected by government insurance or regulatory protections. Digital assets are unpredictable so there is risk that you lose funds. You may owe taxes on your transactions so you should seek independent tax advice.