Launched in 2021 by Offchain Labs, Arbitrum is a layer-2 blockchain designed to facilitate more transactions, prevent fraud and scams, and lower transaction costs. Arbitrum achieves this by utilising optimistic rollup, a data-compression algorithm that combines multiple transactions into one transaction. Projects on the blockchain include Radiant, a decentralised finance (DeFi) protocol focused on allowing their customers to seamlessly deposit and borrow across multiple blockchains, and GMX, a decentralised exchange focused on perpetual contracts.
The release of ARB marks Arbitrum’s official transition into a decentralised autonomous organisation (DAO). This means holders of the ARB governance tokens will have the ability going forward to vote on key decisions governing the Arbitrum Nova and One networks, which are what enable users to transact on Ethereum with higher speeds and lower fees.
“We are delighted to introduce the highly-anticipated ARB token,” said Henry Child, Head of Tokens at Bitfinex. “Given how quickly the Arbitrum ecosystem has grown with its emphasis on high speed and low costs, I am confident our customers will be interested in seeing how the token performs in liquid public markets where it can realise its full valuation potential.”
Offchain Labs’ announcement of the ARB token follows its high-profile acquisition of Prysmatic Labs. As one of the core development teams behind last year’s Ethereum Merge, Prysmatic Labs is considered to be a critical piece to expanding the Arbitrum ecosystem going forward.
Bitfinex will open deposits for ARB on March 22, 2023 at approximately 10am UTC. Trading of ARB will commence on March 23, 2023 at approximately 2pm UTC, in trading pairs against the US Dollar (USD) and Tether tokens (USDt).
To access ARB on Bitfinex, visit https://www.bitfinex.com/?refcode=0bC4Lljc?refcode=0bC4Lljc.
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About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
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