In the tumultuous world of cryptocurrency, few names have resonated as powerfully in 2023 as Arbitrum (ARB). The crypto juggernaut has quickly climbed the ranks, surpassing industry stalwarts and marking its territory in the competitive landscape.
As demand for its network reached a fever pitch, developers flocked to Arbitrum, surpassing brands like Polygon, Optimism, Avalanche and even the formidable Solana.
ARB’s meteoric rise is not just a spectacle; it is a testament to his resilience and adaptability. In the latest turn of the crypto bull run, ARB has staged an impressive recovery, trading at an enviable $1.62.
ARB shows courage with a 42% rally in the weekly charts
A formidable one An increase of 25% in the last 24 hours and a solid 42.4% gain over the past week underscore the coin’s staying power as Arbitrum commits to major partnerships in 2024.
The trajectory from the yearly low has been remarkable, with an 80% increase taking the market cap above the $1.6 billion mark. It’s in stark contrast to an all-time high of $8.67, a top reached just nine months ago.
ARB TVL. Source: Defillama
Arbitrum’s appeal extends beyond just its price dynamics; it boasts a growing ecosystem full of renowned developers. According to DeFi Llama, its total value is locked An increase of 24.3% in the last 24 hours
Arbitrum Revealed: Ethereum’s Scaling Miracle
Arbitrum was created specifically to support the scalability of Ethereum and is a decentralized platform. By scaling Ethereum, Arbitrum provides users with an Ethereum-like platform where they can conduct on-chain activities at a lower cost than what they would pay on the Ethereum mainnet.
The Ethereum sub-modules, known as Arbitrum rollups, power Arbitrum. The rollups remove the requirement for Ethereum nodes to validate arbitrage transactions, suggesting that Ethereum will accept the credibility of the Arbitrum layer for on-chain operations from the standpoint of “innocent until proven guilty.”
ARBUSDT trading at $1.60 on the daily chart: TradingView.com
With more than 50% year-over-year growth in the number of developers, the Arbitrum chain is among the fastest growing Layer 2 solutions, according to the Developer Report 2023. The ecosystem currently consists of a wide variety of components as a result of this exponential expansion of development.
On March 23, Arbitrum hosted a groundbreaking airdrop, paying out 1.27 billion ARB tokens to over 600,000 eligible wallets. This spectacle coincided with a rise in the number of daily transactions, reaching a record high of 2.73 million in one day, as reported by Arbiscan.
With feelings about Ethereum currently in a bit of a pickle, I would say work with Arbitrum (@arbitrum) was a great experience 👍
Expect more projects that combine Arbitrum with @cardano And @MinaProtocol in the 2024 👍
— Sebastien Guillemot (@SebastienGllmt) December 26, 2023
Meanwhile, Sebastien Guillemot, co-founder of DCSpark and Paima Studios, have discussed the possibility of working together in 2024. Cardano community member and software engineer Guillemot wrote about X and predicted additional projects in 2024 that integrate Arbitrum with Cardano and Protocol.
Guillemot believes that merging both platforms will be beneficial, especially given Ethereum’s current market conditions.
Featured image from Freepik
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