As the market experiences a strong bullish sentiment across the board, Arbitrum continues to ride the wave towards higher highs.
According to coinmarket capprotocol root token ARB is up 28% over the past 24 hours, and is emerging as the top gainer among 50 major cryptocurrencies on Friday.
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Source: CoinMarketCap
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Arbitrum’s DAO is relatively new. After the completion Unveiled The Arbitrum ecosystem continues to grow, with the token launch of the protocol on March 23rd. Yesterday, it was revealed that PocketBuff, a Gamefy Metaverse platform, partnered with Arbitrum to acquire video game projects on the protocol.
Related Reading: Lesser-Known Crypto Beats WOO DEX Token With 32% Spike
A Primer on the L2 Protocol
Arbitrum is a layer-2 protocol built on top of Ethereum. boast a High Transactions-per-second metric, the ecosystem quickly gained a foothold in the decentralized finance space. According to dfilmThe protocol already boasts $2.32 billion TVL.
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Source: DeFiLlama
There are two versions of the L2 protocol, Arbitrum and Arbitrum Nova. The former is the protocol’s mainnet which was first launched in August 2021. Arbitrum Nova, on the other hand, is a customized version of the main Arbitrum blockchain.
On-chain development fosters confidence among investors
Across the board, several partnerships emerged, cementing Arbitrum in the DeFi world. mTrader Finance Recent Unveiled Its a decentralized derivatives exchange on Arbitrum.
#mtraderDerivatives Dex (#ddex) made @decisionA # layer 2 scaling solution for #ethereum
With faster trades, lower fees, better security and greater scalability, mTrader is the future of trading 💪
want to know more about how #mtrader X #decision Benefits to users? pic.twitter.com/HJGfttTBD8
— mTrader Finance 🐿️ (@MyMetaTrader) April 7, 2023
Meanwhile, Uniswap mobile wallet Going live on the Apple App Store should increase visibility to even more investors and traders. This wallet enables users to swap, buy and hold digital assets on multiple blockchains including Arbitrum.
On the other hand, Alchemy’s API now allows NFTs. To keep an eye on protocol. This allows investors to keep an eye on certain NFTs which will surely strengthen the NFT ecosystem of Arbitrum.
☎️CALLING ALL URBINOTS ☎️
NFT activity tracking enabled @arbitrum
Receive real time updates on NFTs being transferred between addresses anytime ⏰
No. miss a beat. pic.twitter.com/W9nXXmQ6r3
Alchemy | Web3 Developer Platform (@AlchemyPlatform) April 12, 2023
At $1.54, ARB may stabilize at this level
After a significant rally for the coin, ARB bulls are getting tired and recovering above $1.5. ARB is likely to oscillate above and below this level in the coming days before targeting above this price level.
Crypto total market cap adds a few digits and currently at $1.24 trillion on the daily chart at TradingView.com
Related Reading: Solana Shines With Highest 24-Hour Gain Among Top 10 Cryptos
The market has been incredibly bullish over the past few weeks, with the total market cap of crypto Increasing It has lost almost 4% in the last 24 hours. This sentiment could change in the coming weeks as the bulls exhaust their momentum and consolidate their gains.
-Featured image from Telegaon
