All articles tagged with #arbitrum
Robinhood is expanding into crypto by developing its own blockchain based on Arbitrum and launching tokenized stocks for European users, with plans to support 24/7 trading, self-custody, and cross-chain asset bridging, alongside introducing perpetual swaps and crypto staking in the US.
Arbitrum (ARB) experienced a 21% surge, reaching $0.39, driven by speculation over a potential partnership with Robinhood and increased buying activity. The market shows signs of bullish momentum with rising open interest and volume, suggesting further gains if buying continues, but a retracement to $0.30 remains possible if momentum wanes.
In May, Layer-2 solutions saw significant growth, with Arbitrum (ARB) and Optimism (OP) leading in network growth. ARB's price increased by 8%, while OP's price fell by over 10%. Despite ARB's positive price action, both tokens experienced negative market sentiment. Blast and opBNB also showed notable performance in terms of transaction growth and network usage.
Arbitrum, a popular layer-2 solution, has seen a significant increase in unique addresses, positioning it as a potential challenger to Ethereum. However, its total value locked (TVL) has declined, indicating that it may not yet outperform Ethereum. Despite this, ARB's network activity remains high, with a surge in its token price by over 4% in the last 24 hours, reaching $1.47 with a market capitalization of over $3.9 billion.
Layer 2 cryptocurrencies experienced mixed performance as Ethereum's Dencun upgrade went live, with tokens of Polygon, Arbitrum, and Starknet leading gains while Immutable X and Celo declined. The upgrade is expected to reduce transaction costs on layer-2 protocols and attract more applications, but there are concerns about a potential correction in the crypto markets as anticipation for the upgrade wanes and the probability of a spot ether ETF being approved in the U.S. diminishes.
Ethereum's upcoming Dencun upgrade has led to significant gains for layer-2 scaling solutions like Arbitrum, Optimism, and Polygon, with Arbitrum's ARB token rising 11% and holding 41% of the L2 scaling marketshare, while Optimism's OP token has gained 3% and Polygon's MATIC token has surged 18% in the past week. The upgrade is expected to reduce transaction fees by as much as 75% for L2 users, and Ethereum's ETH is trading at $4,055.30, up 1.2% in the past day and 6.5% higher than last week.
Hackers dropped a phishing link into Arbitrum's official Discord server, offering "the opportunity to re-claim an additional stake in Arbitrum DAO Governance" while citing issues during the initial token claim drive. The supporting URL misspelled Arbitrum as "Arbtirum" — a deception technique used in a phishing attack. Clicking on the phishing link takes users to a blank website with the text "Astaghfirullah." Two airdrop hunters managed to bag approximately $3.3 million worth of ARB.
Arbitrum's ARB tokens generated over $2 billion in trading volume within 24 hours of going live, with Bitget and Huobi leading the volumes. The ARB token serves as a governance tool for the protocol, allowing holders to participate in decision-making processes. Despite short-term volatility, market observers predict growth for ARB tokens as they integrate into Arbitrum's wider decentralized finance system. At press time, ARB traded over $1.43, with a market capitalization of $1.8 billion based on a circulating supply of 1.25 billion ARB.
On-chain activity shows that 1,496 wallets consolidated tokens worth around $3.3 million collectively from the Arbitrum (ARB) airdrop into two wallets. One wallet received $2 million in ARB, while another collected around $1.38 million worth of tokens. The addresses have been described as two "super airdrop hunters," with some community members speculating that they may be team members of the project or hackers. The ARB airdrop hype has also made its way to OTC markets, with eligible users selling tokens.
Over 37% of eligible crypto wallets have not yet claimed their governance tokens from Arbitrum's airdrop, according to blockchain analytics firm Nansen. The unclaimed tokens, worth nearly $596 million, represent 428 million ARB tokens that have yet to enter the market. The airdrop's initial redemption rate was restricted due to heavy traffic, resulting in fewer tokens in circulation during peak demand. ARB soared as high as $14 before settling around $1.42 once more wallets had claimed their allocations. Eligible addresses have 184 days left to claim their tokens.
Over 42 million ARB tokens were claimed in the first hour of Arbitrum's token airdrop, with 23,000 individual wallets claiming the tokens. The majority of claimers received an airdrop of fewer than 2,000 ARB tokens. ARB has a total supply of 10 billion and traded at just over $1.30 at the time of writing. The long-awaited Arbitrum token made its market debut on Thursday, trading at $3.99 on Uniswap as volatility spiked on decentralized exchanges.
The Arbitrum token (ARB) is trading at $1.38 after a turbulent launch, with $27 million in trading volume in the first hour since the claim opened. The front end of the Arbitrum website remains down under heavy server load, but users can still claim their airdrop by executing a command directly with the smart contract. Prices are expected to be volatile after the claim website comes back online.
Arbitrum, a layer-2 rollup on Ethereum, has hit an all-time high in daily transactions and unique wallets interacting with the network ahead of its airdrop. The network hosted roughly 1.66 million and 1.56 million transactions on March 21 and 22, respectively, with more transactions than on the Ethereum mainnet. The airdrop of ARB governance tokens to early users and developers is slated for today, with over 625,000 eligible addresses. The total deposits on DeFi platforms on Arbitrum reached a new peak of nearly $2 billion, and the ARB token futures contract started trading on BitMEX on March 20.