Arbitrum is a layer-2 (L2) scaling solution for Ethereum designed by Offchain Labs. With the rising demand for developing dApps (decentralized applications) on Ethereum, the Arbitrum protocol helps to reduce congestion and latency on the Ethereum network for users and developers. Arbitrum’s network design and virtual machine architecture utilize optimistic roll-up technology to improve transaction speed and lower transaction fees without compromising security.
Arbitrum scales Ethereum smart contracts by ‘rolling up’ multiple transactions into batches and executing the transactions off-chain. The data then gets compressed and submitted back to the Ethereum mainnet as a single transaction. This approach helps reduce network congestion on Ethereum and enables multiple transactions to get processed quickly with significantly lower costs. Arbitrum also has high EVM compatibility, which makes it easier for developers to deploy their projects from Ethereum to Arbitrum. Popular dApps currently on Arbitrum include GMX, Uniswap V3, OpenSea and many more.
ARB is the native token used to pay transaction fees in the network and for governance within the Arbitrum DAO. ARB token holders are given participation rights in decision-making processes such as fund allocation, proposing and voting on protocol upgrades.
The market cap of ARB now stands at about $2 billion, with over ARB 1 billion tokens in circulation (as of mid-April 2023). ARB’s all-time high (ATH) price peaked at $8.67 in March 2023 and is now trading at about $1.64. (as of mid-April 2023).
Arbitrum (ARB) token is available on the Matrixport app; alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), Stablecoins (USDT, USDC, and BUSD), and many more. Users can deposit, withdraw and transfer ARB on the app.