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Yes, also known as seafloor spreading!

A rift zone volcano is called a mid-ocean ridge. The seafloor splits & spreads apart at a mid-ocean ridge, with lava seeping out of this fissure. The lava forms new seafloor. The older seafloor moves away from the ridge. Therefore, our ocean floor is actually spreading, at a rate of about two inches per year in the Atlantic Ocean, and about 13 in the Pacific.

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