Key Highlights
- Arbitrum will not create any ‘native tokens’ for dapp activity.
- Arbitrum had achieved the milestone of billion in Total Value Locked (TVL).
- After the launching of Arbitrum on mainent, defi activity had become smooth.
Arbitrum has denied the rumours of a native arbitrum token with a Tweet. They confirmed that developers of the Arbitrum layer-2 solution will not introduce any native ‘Arbitrum token’ or an Airdrop.
Instead of that, smart contracts on Arbitrum make transactions through Ethereum. Users are able to deploy ERC-20 tokens to Arbitrum.
The rumors were spread out after the funds moved to the Arbitrum layer. A rumor about the issuance of the native token as an Airdrop across social media platforms like Twitter.
Offchain Labs has not announced anything regarding the native token. One of the key reasons behind these rumors was the expectation of users of native tokens and airdrop. To clear this confusion and rumor, Arbitrum had posted a tweet on their official account
Arbitrum TVL surpases $2 billion
Arbitrum achieved a new milestone as it had surpassed the $2.2 Billion in Total Value Locked (TVL) in less than two weeks. On 12th September, the TVL had taken a sharp hike among the social media rumour on Arbitrum credibility. On this day, a $1 billion Defi influx had been generated, which is a hike of 3263.90% in the last 7 days.
Where is this TVL?
The reason behind this high TVL is that an Arbitrum based staking project ArbiNYAN is providing 22.5% rewards on ETH. Currently, the ETH pool has 438546.96439 ETH staked in it. Additionally, more ETH are also staked in the ETH NYAN pool.
Arbitrum was launched on the mainnet last month with the aim of more scalable, fast, and private smart contracts. After the launch of Arbitrum on the mainnet, Defi activity on the Ethereum platform surged considerably.
What is Arbitrum?
Arbitrum is the Layer 2 cryptocurrency platform, which is interconnected with Ethereum. Where Ethereum developers can easily cross-compile their contracts to run on Arbitrum. Arbitrum achieves these goals through a unique combination of incentives, network protocol design, and virtual machine architecture.
Arbitrum provides numerous advantages over the other state channels. But if we look at the main four factors then it will be Scalability, Privacy, Any Trust Guarantee, and Interoperability with Ethereum.
