The trading volume of stablecoins on Arbitrum increased by $64.2 million over the week

The Ethereum layer-two network Arbitrum recorded the largest weekly increase in stablecoin trading volume on decentralized exchanges (DEX). Over the seven days ending November 9, 2026, the figure increased by $64.2 million, according to data from Token Terminal published by the project team. In terms of absolute change in trading turnover, Arbitrum significantly outpaced other networks included in the comparison.

The increase in activity coincided with the launch of NullMask, a protocol that allows for individual cryptocurrency transactions without publicly disclosing all data about senders and recipients. The new features expand the capabilities of Arbitrum, but their impact on the number of transactions and demand for the ARB token has not yet been determined.

Arbitrum outpaced other networks in trading volume growth

The second place for weekly growth in stablecoin trading volume on DEX was taken by Arc with a result of $11.8 million. Following were Ink and Tempo, whose figures increased by $4.2 million and $2.7 million, respectively. In the OP Mainnet, zkSync, and Gnosis networks, the increase did not exceed $200,000 each, while Boba added less than $20,000.

The combined growth of the seven networks, ranked from second to eighth, amounted to about $19.2 million. Thus, Arbitrum's figure was more than three times higher than their combined result. The statistics reflect the change in weekly trading volume, not the total stablecoin turnover or the amount of funds attracted to the network.

The growth in trading volume may be related to both an increase in the number of transactions and individual large deals. The presented data does not allow determining how much the number of unique users or the amount of capital placed in Arbitrum has changed. The statistics also do not allow for a conclusion about a direct increase in demand for ARB.

NullMask added confidential transaction capabilities

On November 6, the developers of NullMask announced the launch of the protocol in Arbitrum. Users now have access to confidential transfers, deposits, and withdrawals, as well as balance viewing through a special interface. The project also provides for the exchange of supported assets within its infrastructure.

Ordinary transfers on public blockchains allow third-party observers to track addresses, amounts, and transaction history through block explorers. NullMask uses a separate system of private balances and transfers, limiting public access to some of this information. In confidential transfers, an observer can see the fact of the operation but not its sender, recipient, and amount.

However, protection does not apply equally to all actions. According to NullMask documentation, when funds are deposited, the original address, asset, and amount remain visible on the blockchain. When withdrawing, the recipient's address and transaction parameters are publicly displayed, and during exchanges, assets and amounts may be visible. Therefore, using the protocol does not guarantee complete anonymity.

It is not yet known whether the launch of NullMask will lead to a sustained increase in the number of Arbitrum users or trading volume. The availability of additional privacy tools does not in itself confirm an increase in demand for the network's services.

How the ARB price changed

Amid the increase in trading activity, the Arbitrum token (ARB) also showed a brief recovery. After dropping to about $0.160 on November 8, its value rose to $0.188 the next day, corresponding to an increase of about 17.5% from the local minimum. However, it failed to maintain the achieved level, and on November 10, the quotes were again near $0.17.

The initial technical analysis noted that the relative strength index (RSI) after rising to approximately 77 points decreased to 58.2. The Chaikin Money Flow (CMF) indicator fluctuated around zero, which the author associated with an insufficiently stable buying impulse. However, without specifying the time interval and indicator settings, these values cannot be used as independent confirmation of the direction of further price movement.

Thus, Arbitrum simultaneously demonstrated an increase in stablecoin transaction volume and an expansion of available privacy tools. However, the presented data has not yet confirmed a sustained growth in the user base or a direct impact of these events on the ARB price.