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Arbitrum is emerging as a promising solution to the challenges of congestion and high fees on the Ethereum network. To further empower its users, Arbitrum recently distributed its new ARB token through an airdrop on March 23, 2023. This move allows token holders to participate in decision-making processes associated with the protocol.
This distribution marks a significant step in Arbitrum's transformation into a decentralized autonomous organization (DAO). As a DAO, the protocol's governance and decision-making will be entirely decentralized, ensuring that every participant has a say in the network's future.
Arbitrum's shift towards a DAO model is highly anticipated and could potentially provide a more democratic and transparent way of managing the network's operations. With its innovative solutions and commitment to decentralization, Arbitrum is becoming an increasingly popular option for Ethereum users seeking a better way to navigate the challenges of the network.
The price of Arbitrum (ARB) is sitting at $1.11 USD in early May with a 24-hour trading volume of $354,198,100 USD, according to real-time updates on CoinMarketCap. Over the past 24 hours, ARB has increased by 3.14%.
Arbitrum is ranked #37 on CoinMarketCap, with a live market cap of $1,409,242,454 USD. The circulating supply of ARB coins is 1,275,000,000, and the max supply is not available.
What is BitDAO (BIT)?
Arbitrum is a cutting-edge Layer 2 scaling solution for the Ethereum blockchain. Launched in 2021, Arbitrum's innovative technology has been embraced by numerous developers seeking to host their decentralized applications (dApps).
Arbitrum operates on top of Ethereum's Layer 1 blockchain, providing faster and more cost-effective transactions by validating them independently and later incorporating them into the primary chain. As a result, it helps to alleviate congestion on the Ethereum network, making it a popular choice for developers looking to build scalable and efficient dApps.
Since its mainnet debut, Arbitrum's scaling solution has been a success, attracting a growing number of users who appreciate its ability to deliver faster, more affordable transactions. As the world of blockchain and cryptocurrencies continues to evolve, Arbitrum's innovative solutions could pave the way for a more efficient and scalable future.
Brief History of Arbitrum (ARB)
Arbitrum was introduced in May 2021. The history of Arbitrum began in 2018 when Ed Felten, Steven Goldfeder and Harry Kalodner founded Offchain Labs with the aim of creating a blockchain infrastructure that is more scalable and efficient.
In 2019, Offchain Labs secured $3.7 million in seed funding to further develop its blockchain scaling technology. The following year, Offchain Labs released a whitepaper that outlined the architecture and design of Arbitrum. It was described as a "trustless, general-purpose, scalable and low-cost" Layer 2 solution for Ethereum.
In May 2021, Arbitrum was launched on Ethereum's mainnet, providing users with the opportunity to deploy smart contracts and interact with dApps on its scalable and efficient infrastructure. As more users and dApps migrated to the platform to take advantage of its scalability and low gas fees, Arbitrum reached a total value locked (TVL) of over $1 billion by August 2021.
How to Buy Arbitrum (ARB)
Looking to buy Arbitrum? Here is what you need to know.
Step 1: Open an online account
To buy Arbitrum, you'll need to start by selecting an online broker that allows you to hold ARB. Below are excellent options for purchasing Arbitrum along with other cryptocurrencies.
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Step 2: Buy a wallet
Once you create an account, you need a hardware wallet or software wallet. It's important to note that each type of wallet has its own advantages and disadvantages, so do your research before choosing a wallet to ensure it meets your needs for security, convenience and accessibility.
Best Hardware Wallet: Ledger
Ledger hardware wallets are physical devices that provide secure offline storage for cryptocurrencies. These devices are designed to store private keys and seed phrases offline, making them less vulnerable to online attacks and hacks.
To use a Ledger wallet, you need to connect it to a computer or mobile device and use the Ledger Live software to manage your crypto assets. You can send and receive cryptocurrencies, view your transaction history and manage your account settings through the Ledger Live interface.
Ledger wallets are popular among crypto enthusiasts because they offer a high level of security and are easy to use. They also support a wide range of cryptocurrencies and offer backup and recovery options in case your device is lost or damaged. However, Ledger wallets can be relatively expensive compared to other wallet options, and they may not be as convenient for frequent transactions due to the need to connect the device to a computer or mobile device.
Best Software Wallet: Coinbase
Coinbase Wallet is a popular software wallet that is considered one of the best in the market for several reasons. It provides users with complete control of their private keys, ensuring that they are the only ones who can access their funds. Additionally, it supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and many others, making it an all-in-one solution for managing different digital assets.
Another standout feature of Coinbase Wallet is its user-friendly interface, making it easy for beginners to manage their digital assets. It also integrates with various dApps, enabling users to access decentralized finance (DeFi) protocols, games and other blockchain-based applications directly from the wallet.
Step 3: Make your purchase
Once you have set up an online account and acquired a cryptocurrency wallet, you are now prepared to buy Arbitrum.
Trade, Sell or Convert Your ARB
To sell, trade or convert Arbitrum, you will need to transfer your ARB tokens to a cryptocurrency exchange that supports ARB trading. Once you have transferred your ARB tokens to the exchange, you can then sell, trade or convert them as desired.
Selling Arbitrum refers to the process of disposing of your ARB tokens in exchange for another cryptocurrency or fiat currency. You may sell your ARB tokens on a cryptocurrency exchange or through a peer-to-peer platform.
Trading Arbitrum involves exchanging your ARB tokens for another cryptocurrency or token on a cryptocurrency exchange. Trading often involves frequent buying and selling of cryptocurrency assets to take advantage of price fluctuations and profit from the price difference between different cryptocurrencies.
The choice of which currency to convert your ARB tokens into depends on your personal investment strategy and goals.
One approach is to convert ARB into a stablecoin, such as USDT or USDC, that is pegged to the U.S. dollar and provides a stable value to your investment. This strategy is often used to mitigate the risks of market volatility and to hold onto your investment until you identify another opportunity.
You could also convert your ARB tokens into another cryptocurrency that you believe has a higher potential for growth, such as Bitcoin or Ethereum. However, keep in mind that the value of cryptocurrencies can be highly volatile and investing in them involves a significant amount of risk.
Cryptocurrency exchanges may have different trading fees, withdrawal limits and security measures in place. Research and compare different exchanges before choosing one to trade your ARB tokens.
Is Arbitrum a Good Investment?
The success of Arbitrum's scaling solution has led to increased adoption by developers, who are leveraging its technology to host dApps. This trend has resulted in a growing user base and increased demand for the ARB token, which has contributed to its recent price growth. However, like all investments, risks are associated with investing in Arbitrum, and it is important to conduct thorough research before making investment decisions.
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