Arbitrum ($ARB) is making waves at $0.5264 with a $2.71B market cap, as PayPal integration rumors and institutional moves electrify the Layer2 race. It’s obvious something bigger is brewing in ARB’s ecosystem.

The momentum stems from key drivers that include major tech upgrades, strategic partnerships, and exploding network activity. All eyes are now on the $0.59 resistance level. A breakout here could send shockwaves through Ethereum's scaling environment.

Source: CoinMarketCap

Arbitrum ($ARB) Gains Momentum with Upgrades, Partnerships, and Growing Adoption

Arbitrum has carved a firm place in the Ethereum scaling space by using optimistic rollups, which let it handle thousands of transactions each second while keeping fees low and confirmations quick.

Unlike most other options, it runs standard Ethereum Virtual Machine (EVM) contracts without modification, so any Ethereum-based decentralized application (dApp) can work on it without rewriting code.

On July 9, GMX, one of the most active decentralized exchanges on Arbitrum, was hit by a reentrancy exploit. The attacker drained $42 million from GMX V1's GLP pool but later returned 90% after agreeing to a white-hat bounty.

To restore value parity for users, the DAO burned 29 percent of the GLP supply and approved a $44 million compensation plan.

GMX has successfully completed its ~$44M Distribution Plan for $GLP holders on Arbitrum affected by the recently disclosed V1 vulnerability.

Eligible wallets can now claim via the GMX dApp.