Activity has been spiking on @arbitrum lately. In October, TVL hit an ATH of $4B and fees crossed $3B, the highest recorded in over a year. November is gearing up to be another solid month, and the current stats are proof. ▸ Transactions - 29.5M ▸ Active addresses - 2.18M ▸ Fees - $623,363 ▸ DEX volume - $5.8B ▸ Perps volume - $4.2B While there’s activity all round, real capital clusters around a few protocols that keep pulling smart money back onchain. It’s easy to map out if you know where to look. If not, here’s a breakdown of top 10 protocols raking in fees based on data from @DefiLlama in the last 7D. ▸ @Uniswap ($1.59M) - An AMM DEX for swaps or liquidity provision, with customisable pools and on-chain hooks via its v4. ▸ @SushiSwap ($1.45M) - A DEX that offers token swaps, liquidity provision and yield farming, and supports advanced features like concentrated liquidity. ▸ @Aethir_Cloud ($1.39M) - A decentralized cloud/GPU computing platform where users can contribute idle GPU resources or rent compute. ▸ @GMX_IO ($1.26M) - A spot and perp DEX that uses a single multi-asset liquidity pool (“GLP”) for trades and offers up to ~100x leverage for perps. ▸ @aave ($1.01M) - A non-custodial money market where users can supply assets to earn interest or borrow assets by providing collateral. ▸ @Morpho_Labs ($303K) - A protocol that integrates with other markets to enable lending and borrowing at lower rates, via protocol optimization layers. ▸ @GainsNetwork_io ($291K) - A DeFi trading protocol offering derivatives and leveraged trading, with focus on perps and synthetics. ▸ @SiloFinance ($259K) - A non-custodial lending protocol that creates risk-isolated markets, so each asset has its own isolated pool. ▸ @0xfluid ($173K) - A DeFi protocol that unifies liquidity across lending, borrowing and DEX activities, improving capital-efficiency. ▸ @OstiumLabs ($171K) - A non-custodial, on-chain perp DEX for crypto and RWAs, with infra for shared liquidity pools, custom RWA oracles, and macro-asset trading capabilities. I’m also looking to explore a few protocols in the eco. Apart from the solid products, most of them have ongoing points programs, so it’s a good time to position. Here’s a list of protocols in my watchlist: Perp DEXs ▸ @variational_io ▸ @Ostrich_HQ ▸ @etherealdex Lending markets ▸ @RDNTCapital ▸ @SuperlendHQ The signals are simple: ▸ Good on-chain interactions ▸ Deep perps-to-spot volume ratio ▸ Sticky credit flows across protocols. That’s what real activity looks like. Not one-off hype rounds that fade fast.