Arbitrum is a unique cryptocurrency that operates as an Ethereum layer-two scaling solution. It utilizes a technology known as optimistic rollups to boost speed, scalability, and cost-efficiency on the Ethereum network. The primary goal of Arbitrum is to provide a more secure, compatible, and efficient platform for cryptocurrency transactions.
Arbitrum was developed by Offchain Labs, a New York-based development company. The team behind Arbitrum includes Ed Felten, Steven Goldfeder, and Harry Kalodner, all of whom are former Princeton University researchers with extensive experience in computer science, cryptography, and blockchain technology. Offchain Labs has also received significant investment from various sources, including Lightspeed Venture Partners, Polychain Capital, Pantera Capital, and Mark Cuban.
The native token of Arbitrum is ARB, which is primarily used for governance within the Arbitrum ecosystem. The total supply of ARB tokens is fixed at 10 billion, with allocations made to the Arbitrum DAO treasury, Offchain Labs teams and advisors, investors, and airdrops to users and DAOs.
ARB tokens can be purchased on various centralized exchanges such as Binance, Coinbase, KuCoin, Bybit, Kraken, and Bitfinex. Additionally, they are also available for trading on decentralized exchanges like Uniswap V3 and SushiSwap.
Arbitrum is primarily used to enhance the speed, scalability, and cost-efficiency of transactions on the Ethereum network. It supports unmodified EVM contracts and transactions, which means existing Ethereum DApps can run on Arbitrum without any code changes. Furthermore, Arbitrum allows developers to deploy programs written in popular programming languages like Rust, C++, and more using Stylus, its upcoming EVM+ equivalence feature.
Arbitrum has recently announced a significant airdrop of ARB tokens to early users and DAOs building on Arbitrum. This move will distribute 12.75% of the total supply to eligible recipients. Furthermore, Arbitrum has an ambitious roadmap for 2023, which includes launching its own layer-three solution called Orbit, enabling developers to deploy programs written in popular programming languages using Stylus, expanding its validator set, and moving its protocol to layer two with Arbitrum One.
Arbitrum, a Layer 2 solution for Ethereum, has seen a flurry of activity recently. The platform, which enhances Ethereum's performance by processing transactions on a sidechain, has seen its Total Value Locked (TVL) increase 17 times to $2.2 billion.
One of the most significant recent news about Arbitrum is the launch of its new governance token, ARB. The introduction of this token marks Arbitrum's transition into a decentralized autonomous organization (DAO). ARB token holders will have the ability to vote on key decisions for the network. To kickstart this new phase, Arbitrum conducted an airdrop, distributing ARB tokens to over 600,000 addresses. This event led to a surge in Google searches for Arbitrum and increased interest in the platform.
Another major development is the launch of Arbitrum Orbit, a permissionless solution that allows any developer to build a Layer 3 blockchain using Arbitrum technology. This move opens up the platform to a wider range of developers and projects, potentially leading to increased adoption and innovation.
Following the ARB token launch, several major exchanges, including Bitfinex and Coinbase, have announced that they will list the new token. This development makes it easier for interested parties to buy Arbitrum's new token and participate in the platform's governance.
In summary, Arbitrum has made significant strides in its development, with the launch of its governance token, the introduction of Arbitrum Orbit, and its listing on major exchanges. These developments have led to increased interest and participation in the platform.