- A substantial ARB token unlock event and validator onboarding could impact the Arbitrum protocol and its token.
- The price of ARB did not see much growth; however, the number of holders increased.
Arbitrum[ARB], a long-standing leader in the Layer 2 (L2) sector, faces mounting competition from newcomers like Optimism, Base, and Polygon. This intensifying rivalry threatens its established dominance in the L2 landscape. Adding to the potential impact on Arbitrum’s ecosystem, a significant token unlock event looms on the horizon.
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The ARB unlock
Token Unlock’s data revealed an impending influx of $1.1 billion in ARB tokens. A substantial unlock event is scheduled for 16 March, 2024, involving the Arbitrum Team and Investors, who will collectively unlock tokens worth an astonishing $1.26 billion.
The token unlocking, however, is not a singular event. Starting from the aforementioned date, subsequent token unlocks are slated to recur on the 16 of each month for the next four years.
This token unlock has the potential to shape ARB’s trajectory in various ways. While unlocking could introduce liquidity and broaden token distribution, it might also introduce sell pressure, impacting the token’s price stability.
Source: Token Unlocks
Beyond the token unlock, other factors also could impact Arbitrum’s network dynamics. Notably, a recent proposal focused on onboarding Matrixed.Link as a validator for the Arbitrum One chain.
New proposals
Matrixed.Link, a seasoned participant in the Arbitrum ecosystem since 2021, has demonstrated its commitment by servicing Chainlink price feeds on Arbitrum. Additionally, the team has effectively managed infrastructure and a Chainlink node for Gainsnetwork.io.
Impressively, they’ve fulfilled over 300,000 on-chain Oracle requests on Arbitrum. Matrixed.Link’s case for becoming a validator is rooted in their current responsibilities in maintaining mission-critical infrastructure for Chainlink and Gainsnetwork.io.
This track record positions them well to take on the validator role within the Arbitrum network. At press time, 95.25% of voters were in favor of this proposal.
Source: Snapshot
ARB Token’s Current Landscape
At press time, the ARB token stands at $1.149 in trading value. While its price witnessed a significant decline over the past month, the network’s growth indicator moved in the opposite direction. This suggested a growing interest among new users in engaging with the ARB token.
Realistic or not, here’s ARBs market cap in BTC’s terms
Furthermore, the number of addresses holding ARB also experienced an upward trend during this same period, underscoring sustained attention and potential optimism surrounding the token’s future prospects.
Source: Santiment
