Aave DAO has introduced its multi-collateralized stablecoin, GHO, on the Arbitrum network. This move marks the first step in the DAO’s phased strategy for cross-chain expansion. Aave DAO Begins Cross-Chain Expansion With GHO on Arbitrum According to an announcement, Aave DAO has launched GHO on Arbitrum, utilizing the Chainlink Cross-Chain Interoperability Protocol (CCIP). Aave DAO […]
Bitcoin News
Arbitrum DAO Agrees To Distribute $216 Million In Funding – Here’s What You Should Know
The Arbitrum Foundation, a Decentralized Autonomous Organization (DAO) tasked with developing and nurturing the Arbitrum ecosystem, has approved the start-up of a support fund aimed at developing projects in its gaming ecosystem. The organization has revealed plans to distribute a whopping 6 million to improve its gaming ecosystem.
Arbitrum To Allocate 6 Million For Gaming Proposal
The Arbitrum Foundation has officially endorsed a proposal, involving a funding initiative to expand and develop its gaming ecosystem. According to its blog post, the Arbitrum DAO will work towards allocating 225 million ARB tokens, valued at approximately 6 million, to support the growth of gaming projects on the network.
This proposal underwent a formal voting process amongst community members. Of the total voters in the foundation, a staggering 162.41 million voted in favor of the gaming proposal, while 50.48 million opposed it. Additionally, about 44,093 members abstained from voting.
As a result of the overwhelming approval, the Gaming Catalyst Program (GCP) will receive financial support from the Arbitrum Foundation over the course of three years. The program is designed to facilitate and expand awareness and adoption of Arbitrum/Orbit/Stylus by builders and players within the gaming community.
Moreover, the Arbitrum Foundation has set its sights on the 0 billion gaming vertical which is projected to double by 2030, reaching a substantial 0 billion market. The organization is positioning itself to capitalize on the market’s growth as well as the prevailing trend of integrating blockchain technology with gaming.
In its blog post, the organization revealed plans to recruit top-tier developers to build high-quality and engaging games that will effectively attract and retain the attention of users within the Arbitrum ecosystem. It disclosed that it has emerged as a leader in the competitive gaming market by incorporating a dynamic strategy that combines innovation, strong technological capabilities, organic builders and short and long-term incentives.
Moreover, the rapid expansion of Decentralized Finance (DeFi) applications on Arbitrum highlights the platform’s ability to attract new developers and users. The foundation has labeled this growth as a “snowball effect,” emphasizing that when there is an increasing number of builders and users, the Arbitrum DAO continues to add value.
The Goal Of The Gaming Catalyst Program
While acknowledging its shortcomings and recognizing its failure to match the performance of competitors such as Immutable X, Ronin, and Solana, the Arbitrum Foundation has also lauded its immense success in the decentralized finance sector. The organization has disclosed that through the Gaming Catalyst Program, it will facilitate the growth of its ecosystem by establishing a dedicated team and funds to provide technical and strategic support to the gaming industry.
The foundation outlined a list of hypothetical projects in the program that will help develop Arbitrum’s gaming ecosystem. According to the organization, the Gaming Catalyst Program will provide support and resources for developers interested in building on the network. This will include mentorship, funding, and other assistance to expedite development.
Moreover, the Arbitrum DAO will allocate all resources strategically to maximize efficient usage and impact on the gaming ecosystem. The organization also aims to position itself as an attractive platform that will draw and maintain the best game developers in the industry.
Additionally, the Gaming Catalyst Program will play a major role in expanding new opportunities and use cases for the Arbitrum network. By supporting the development of gaming infrastructure, Arbitrum (ARB) will be able to diversify its ecosystem and extend services to a wider range of users and developers, not limited to Orbit chain and Stylus adoption.
Metaverse Project “Genso Meta” Announces MV Chain With Arbitrum Orbit to Improve User Experience
PRESS RELEASE. Since its launch, Genso Meta has been actively developing applications that combine gaming and blockchain technology. Beyond Play2Earn, Genso introduced UGC2EARN, allowing players to create and profit from content. They’ve also partnered with Hikone Castle in Japan to blur the lines between the virtual and real world for their users. With over 340,000 […]
Bitcoin News
Arbitrum Prints TD Buy Signal: Trend About To Flip?
An analyst has pointed out how Arbitrum (ARB) has formed a Tom Demark (TD) Sequential buy signal on its weekly chart recently.
Arbitrum May Have Hit A Point Of Reversal According To TD Sequential
In a new post on X, analyst Ali has discussed a TD Sequential signal that Arbitrum has observed in its weekly price recently. The “TD Sequential” is an indicator in technical analysis generally used for locating probable reversal points in any asset’s price.
This indicator has two phases, the first of which is known as the “setup.” In this phase, candles of the same polarity are counted up to nine, and once these nine candles are in, the price may be assumed to have reached a possible turnaround.
Naturally, if these candles were green, the TD Sequential would suggest a potential sell signal for the asset, while if they were red, the indicator would shoot a buy signal.
Once the setup is complete, the “countdown” phase begins. The countdown works much like the setup, except that it lasts thirteen candles, not nine. The countdown’s finish leads to another likely top or bottom for the price.
Now, here is the chart shared by Ali that shows the TD Sequential signal that Arbitrum has just formed in its weekly price:
As displayed in the above graph, Arbitrum has recently completed a TD Sequential setup on its weekly price with red candles. This naturally means that, according to the indicator, the asset should likely reverse towards the upside now.
The analyst suggests that this buy signal “anticipates a one to four candlesticks rebound for ARB.” Given this pattern, how the coin’s price will develop in the coming days remains to be seen.
In some other news, the Arbitrum network has recently observed its transaction activity go up, as market intelligence platform IntoTheBlock has pointed out in an X post.
The chart shows that the number of transactions on Arbitrum has been increasing in the last couple of months. Back in early March, the network’s average transfer count stood at around 1 million, but recently, it has crossed the 2 million mark.
A high transaction count is generally a sign that traders are interested in the asset. This could lead to more volatility for the coin’s price, although its direction can go either way.
ARB Price
At the time of writing, Arbitrum is trading around .01, down almost 2% over the past seven days.
Uniswap On Arbitrum Nears $150 Billion In Swap Volume
Uniswap, one of the world’s largest decentralized exchanges (DEX) by total value locked (TVL), is approaching a major milestone on Arbitrum, the largest layer-2 by TVL on Ethereum.
According to data from Dune Analytics shared by Uniswap Labs, Uniswap on Arbitrum is on the cusp of surpassing a staggering 0 billion in total swap volume.
Riding The DeFi Boom
As of April 25, Uniswap had facilitated over 6 billion in cumulative swap volume on Arbitrum alone. The number has gradually increased over the past three years since June 2021, when it was deployed on Arbitrum, looking at on-chain data.
By August 2021, Uniswap was processing less than ,000 in swap volume. After that, they steadily picked up momentum throughout the crypto bear run of 2022. Notably, a sharp uptick from October 2023 coincided with the start of the crypto boom that eventually propelled Ethereum to over ,000 in Q1 2024.
The rising swap volume on Arbitrum reflects the increasing preference for Decentralized Finance (DeFi) solutions. As Uniswap on Arbitrum nears 0 billion, more users are increasingly turning to the popular DEX to trade, all without giving up control of their assets.
The surging popularity of Uniswap on Arbitrum can be partly attributed to significantly lower transaction fees compared to the Ethereum mainnet.
Through Arbitrum, the optimistic roll-up solution, swappers enjoy low transaction fees. They can also trade from a scalable environment secured by the Ethereum mainnet.
Ethereum developers recently implemented Dencun, introducing a new transaction format called “blobs.” Because of this, layer-2 solutions can store large chunks of data off-chain, reducing the mainnet bloat. Subsequently, fees have been lowered, drastically enhancing the user experience for Arbitrum and other layer-2 users like Base and Optimism.
Uniswap V4 And United States Wells Notice
Following Dencun’s activation, Uniswap Labs plans to deploy v4. This iteration introduces features like Hooks that developers say will make the DEX even more efficient and flexible. The launch is set for this year.
Though Uniswap V4 is huge for the DEX and DeFi as a whole, the United States Securities and Exchange Commission (SEC) ‘s decision to issue a Wells notice is a setback.
The regulator intends to sue. However, the founder, Hayden Adams, responded in a post on X that they are ready to fight.
Arbitrum Launches Fraud Proofs In Testnet: Why Is ARB Down?
Arbitrum, the largest Ethereum layer-2 scaling solution by total value locked (TVL), is taking steps towards decentralization. In an update on April 16, Offchain Labs–Arbitrum developers–said they have deployed the permissionless version of their fraud proofs, dubbed Bounded Liquidity Delay (BOLD), to testnet.
Ethereum Layer-2s Are Popular, But There Is A Big Problem
Ethereum layer-2 solutions have been gaining prominence over the years. According to L2Beat data on April 17, these platforms control over billion of assets. Protocol developers and users can send transactions cheaply through Arbitrum, Optimism, Base, and other alternatives.
However, while they are popular and command billions in TVL, most of these platforms’ fraud proofs are being developed. Typically, when users transact all chains, all transactions must be confirmed by a web of miners or validators, depending on the consensus mechanism.
This differs in layer-2 options, which must reroute transactions and process them off-chain. There is no way of proving whether queued transactions are valid before being batched and confirmed on-chain.
The fraud proofs, such as those presented by Arbitrum and other optimistic rollup solutions, are designed to address a critical issue in layer-2 solutions. Specifically, once live and integrated into Arbitrum, BOLD will serve as a safety net, ensuring the validity of transactions processed off-chain. This mechanism is crucial in maintaining the integrity of transactions while enabling efficient off-chain processing.
In compliance with blockchain principles, BOLD will be decentralized. As such, the community will run nodes, which differs from the current setup. As it is, transaction validation in Arbitrum is centralized, and only a few validators are tasked with this.
Arbitrum Deploys BOLD In Testnet, ARB Prices Falling
With BOLD in the testnet, Arbitrum is opening up its rails so that anyone can participate in network security and validate withdrawals back to Ethereum. This move will be critical in building a more decentralized ecosystem and making the platform more robust.
Arbitrum becomes the first Ethereum layer-2 to launch its fraud proofs in testnet. In a post on X, Ryan Watts of Optimism also notified the community that plans are underway to create a decentralized fraud-proof system for the second-most largest layer-2 by TVL.
Even with this major milestone, ARB prices are stable and under pressure.
Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why
The token is down 50% from March 2024 highs at spot rates and remains under immense selling pressure. If buyers reverse the April 12 and 13 sell-off, the token might recover strongly, racing towards .5.
Arbitrum (ARB) Poised For Resurgence: Downtrend Reaching Climax?
Generally, the crypto market has been experiencing a pullback after Bitcoin and many other coins like Ethereum have recorded a new all-time high of which Arbitrum (ARB) was not left behind.
Arbitrum, which has a lot of potential with a market cap of over .8 billion and a circulating supply of 2,653,939,384 ARB has been trading below the 100-day Moving Average (MA) for some time now. However, recently the price of ARB has been showing some signs of reversing.
As of the time of writing, Arbitrum was trading around .45, indicating an increase of 1% in the last 24 hours. There are currently two major resistance levels of .799 and .278 ahead of the price.
Technical Indicators Show Signs Of Upward Movement In Arbitrum Price
4-hour RSI Indicator: Looking at the Relative Strength Index (RSI) indicator from the 4-hour timeframe, we can see that the RSI line is rising above the oversold zone and is heading toward the 50 level. This indicates a rise in the price, and if the RSI line rises above the 50 level, it might trigger the start of a new trend.
The image below reveals more:
4-hour MACD: looking at the formation of the MACD indicator from the 4-hour timeframe in the above image, we can also see that both the MACD line and the signal line having trended for a while below the MACD zero line have both crossed and are heading towards the MACD zero line.
On the other hand, the MACD histogram is already trending above the MACD zero line. This suggests that a change in direction might soon happen from its downward movement to an upward movement.
1-hour bull power vs bear power histogram indicator: lastly, taking a good look at the chart from the 1-hour time frame with the help of the bull power vs bear power indicator, it shows that the histograms are already trending above the zero level. This suggests that buyers are gradually taking over the market from sellers as seen in the image below.
In conclusion, if the price of Arbitrum manages to change its direction from downward to upward direction, it is possible that ARB could retest its previous major resistance levels of .799 and .278 and even move further to create a new peak. Nonetheless, if Arbitrum fails to move upward, the crypto asset’s price might move further downward to create a new low.
Are Arbitrum Investors Still Selling Off? Analysts Remain Bullish On ARB As Price Surges 5.2%
Arbitrum (ARB), the Ethereum Layer 2 (L2) scaling solution, recently went through an unlocking event as part of its 2024 roadmap. However, the event raised concerns about how the token’s price would react amid the market slowdown.
It’s been a week since Bitcoin’s price started to dip. Despite BTC’s recovery, the market still exhibits red numbers. Crypto analysts remain optimistic about ARB and the market’s bullish run.
Are Arbitrum Whales Still Dumping On Exchanges?
The event on March 16 unlocked 1.1 billion ARB tokens. These tokens were distributed among the team, advisors, and investors, who received 438.25 million ARB, approximately 40% of the total tokens unlocked.
Since then, Arbitrum whales have dumped millions of ARB on exchanges. As reported by NewsBTC, eleven whales recently sent over million worth of the token to different trading venues.
Yesterday, the trend continued as two ARB whales sent around .72 million worth of ARB to the Binance exchange. These whales are seemingly investors who received around 28.43 million ARB tokens during the unlock.
::on-chain insights::$ARB investors are selling their tokens:
two wallets which potentially belong to $ARB investors several hours ago sent their tokens to @binance wallet 0x1dc firstly sent 3 $ARB to be sure that they will arrive to his binance account and then sent… pic.twitter.com/L8yfKnOnvK
— Catakor (@Catakor) March 21, 2024
As reported by an X user, the first wallet received 19.845 million ARB on March 16. This whale sent 3 ARB to Binance as a test before offloading 3.9 million tokens worth .9 million.
The second whale sent 3.424 million ARB tokens to Binance yesterday in two transactions, accounting for .79 million. Out of the 28 million tokens these investors received during Arbitrum’s unlock, the wallets now only hold 804,000 ARB, worth around .42 million.
Analysts Foresee Leg Up For ARB
Arbitrum’s most recent downward trajectory started right before the unlocking event. After ARB’s price failed to maintain the support level, the token dropped over 30% to trade around .48 on March 19.
Since then, ARB has started to rise and retest its resistance levels again. According to crypto analyst World Of Charts, ARB broke a bullish flag on March 20.
Successfully retesting the .64 price range could potentially bring a “40-45% Bullish Wave,” per the analyst.
Finally #Arb Has Already Started As Expected Send It Now https://t.co/6RouflzapC pic.twitter.com/zGE6KFtIpk
— World Of Charts (@WorldOfCharts1) March 20, 2024
ARB’s retest above the suggested price range succeeded in the following hours. The token rose to the .8 mark in the early hours of today before returning to the .75 price range.
Crypto analyst Bluntz projected a leg up for Arbitrum after the price neared the .8 resistance level. As the analyst highlighted, ARB’s price performance shows an a,b, and c zigzag pattern that could suggest an upward trajectory for the token. Additionally, he expressed optimism about the market’s health based on the token’s performance.
you know the market is healthy when even eth and eth beta is looking good again$arb pic.twitter.com/gjn4zduLW7
— Bluntz (@Bluntz_Capital) March 21, 2024
ARB is trading at .76 at writing time, representing a 5.2% increase in the last 24 hours. Although it shows a 14% and 12% decrease in the weekly and monthly timeframes, its current price still represents a 29.4% surge since the year began.
Arbitrum Outpaces Ethereum in Daily Transactions Amidst L2 Networks’ Surge
Recent statistics reveal that the layer two (L2) network Arbitrum has experienced a significant increase in daily transactions. On Tuesday, the network’s daily transactions even exceeded those on the Ethereum platform. Additionally, following Ethereum’s Dencun upgrade, other L2 networks such as Optimism have also witnessed an uptick in activity. Arbitrum Transfers Spike Metrics indicate that […]
Bitcoin News
Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking?
While the recent unlocking of ARB triggered fears of a sell-off, Lookonchain data suggests a different story. On March 18, the analytics platform showed that a mere 58 million ARB, representing only a tiny portion of the 1.1 billion tokens unlocked on March 16, were sent to exchanges by just 11 large-scale investors, commonly called “whales.”
Are Whales Bullish On ARB?
This transfer indicates that despite some profit-taking, other whales are HODLing on to their ARB, reflecting continued confidence in the project’s future.
On March 16, Arbitrum sent 1.1 billion ARB to investors, team members, and advisors in a “Cliff Unlock.” Analysts describe a “Cliff Unlock” as a situation in which all allocated tokens for that event are released simultaneously.
Arbitrum chose to release all tokens at once. 673.5 million were sent to advisors and the team. Meanwhile, the remainder, 438.25 million, was sent to investors. The unlocking event, as expected, was a source of concern that some receivers would choose to sell in the secondary market.
As expected, ARB prices have decreased, reflecting the general sentiment across the crypto market board. So far, ARB is down 24% from March 2024 highs. However, what’s clear is that the uptrend remains, and buyers remain in charge despite the selling pressure.
Based purely on price action, ARB bulls have a chance if prices are above the .6 to .65 support zone. Conversely, any upswing above this level might drive prices to the upper end of the range at around .20. Further upswings will continue the sharp expansion from October 2023. At the time of writing, ARB is up 125% from Q4 2023 lows.
Arbitrum To Benefit From Dencun, Cementing Its Layer-2 Dominance
Lookonchain data shows that only a few tokens were sent to exchanges less than a week after the unlocking event, suggesting investors and whales are bullish about the project.
L2Beat data shows that Arbitrum, a layer-2 scaling solution for Ethereum, is the largest in that category by total value locked (TVL). By March 18, Arbitrum managed .7 billion worth of assets, nearly 2X that of Optimism.
While ARB is under pressure, the broader Ethereum and crypto community remains bullish. Last week, the “Dencun” update was released to the mainnet.
This update is significant as it further slashes transaction fees, making layer-2s, including Arbitrum, more attractive for users. This upgrade is especially appealing to developers and users seeking to enjoy the high on-chain activity on Ethereum without struggling with high gas fees and low scalability. As Layer-2 solutions find adoption, Arbitrum could benefit from this influx.