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.
About Matrixport
Matrixport is one of the world’s largest and most trusted digital assets ecosystems providing one-stop crypto financial services to meet the emerging needs of generating long-term wealth in digital assets. It forges strategic collaborations with early-stage Web3 innovators, helping them build, grow and scale and the company’s services include Cactus Custody™, spot OTC, fixed income, structured products (including Dual Currency), lending as well as asset management.
With USD4B in actively managed digital assets, Matrixport achieved a pre-money unicorn valuation in 2021 and was named by CB Insights as the 50 most promising blockchain companies in the world in 2022. Its digital prime brokerage business, Matrixport Institutional, serves 500+ institutions across the US, Europe and Asia, offering best-in-class access, leverage, capital Introduction and custody services.
Headquartered in Singapore, the company holds a Hong Kong Trust Company License and a Swiss FINMA SRO-VQF Membership.
About Arbitrum (ARB)
Arbitrum was developed by OffChain labs in 2018. It is co-founded by Ed Felten, Steven Goldfeder and Harry Kalodner. Arbitrum aims to improve speed and scalability while reducing transaction fees on Ethereum. It uses optimistic rollups to reduce the congestion on the Ethereum network by offloading data storage and computation from layer-1 (Ethereum’s mainnet) to layer-2 (Arbitrum’s network).