Arbitrum
Arbitrum dealings activity rockets 550% since August: Delphi Digital
Published
2 years agoon
By
adminFollowing the Nitro upgrade, activity on Arbitrum has surged and has nearly common fraction of the dealings activity seen on the Ethereum base layer.
Ethereum layer-2 scaling answer Arbitrum has seen an enormous surge in activity since its Nitro update in August, having simply clocked around 62% as several transactions because of the Ethereum base layer.
In a Nov. 1 report, crypto analysis firm urban center Digital noted that as of the week concluded Oct. 24, Arbitrum’s variety of total transactions has increased by 550% since August, citing knowledge from ridge Analytics.
In an earlier Tweet, urban center Digital ab phrased Arbitrum as accounting for 62% of all transactions on Ethereum, that they later processed was “incorrect phrasing”.
Arbitrum is associate optimistic roll-up engineered by blockchain development firm Offchain Labs, geared toward scaling Ethereum good contracts. It uses Optimistic Rollup technology to bundle giant batches of transactions off-chain from Ethereum good contracts and decentralised applications before submitting them to Ethereum.
A number of well-known protocols use Arbitrum, like decentralised exchanges SushiSwap, Uniswap and GMX, disposal protocol Aave and liquidity transport protocol Stargate. in keeping with L2Beat, at the time of writing it’s a current total-value-locked (TVL) of $2.59 billion.
Delphi analysts noted that weekly active users had spiked on Arbitrum, having full-grown one hundred and twenty fifth since Oct. 10 to succeed in a replacement high of 282,000 within the week ending Oct. 24.
The analysts conjointly recommend that abundant of the surge in activity is probably going driven by speculators attempting to spice up their on-chain activity within the hope of receiving a bigger delivery for a native token that has been hinted at by Offchain Labs co-founder Steven Goldfeder.
On Aug. 31 the Arbitrum One mainnet upgraded to Nitro, which Offchain Labs claimed in April. 7 post would lead to reduced dealings prices whereas increasing network capability, adding:
“While Arbitrum these days is already 90–95% cheaper than Ethereum on the average, Nitro cuts our prices even any.”
The low fees have resulted in varied players from at intervals the crypto scheme needing to integrate with Arbitrum One, and on Nov. one decentralised finance (DeFi) improvement tool Furocombo, capital raising protocol Aelin, and insurance protocol year Finance every proclaimed they were continue to exist the favored scaling answer.
On Oct. 13 Offchain Labs proclaimed they’d noninheritable one amongst the core development groups behind the Ethereum Merge, Prysmatic Labs, that it hopes can alter larger communication and collaboration between developments on each layers.
The post Arbitrum dealings activity rockets 550% since August: Delphi Digital first appeared on BTC Wires.
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Altcoins
DeFi Platform Hacked for at Least $1,900,000 and Possibly More on Ethereum and Arbitrum Blockchains
Published
3 weeks agoon
April 19, 2024By
adminA decentralized finance (DeFI) protocol has been hacked to the tune of millions of dollars over the Ethereum (ETH) and Arbitrum (ARB) blockchains.
In a new announcement, cybersecurity firm Cyvers says that DeFi platform Hedgey Finance has been breached by bad actors who took at least $1.9 million worth of funds that were converted to the stablecoin Dai (DAI).
“Hedgey Finance has experienced a security breach with their Hedgey Token Claim Contract! Total loss is around $1.9 million. Attacker is funded by ChangeNOW_io. All stolen funds are swapped to DAI and transferred to an [external address].”
According to Hedgey Finance, users should be canceling active claims related to the Hedgey Token Claim Contract, which allows users to create token claims for recipients while having greater control over when claimed tokens are unlocked.
“Security Alert: We’re investigating an attack on the Hedgey Token Claim Contract. If you have created active claims, please cancel them using the ‘End Token Claim’ button. We are actively working with our auditors and team to understand the attack and stop any ongoing attack. We will share more information as we learn more.”
However, citing a since-deleted X post from Cyvers, on-chain analyst Colin Wu says that Hedgey suffered a significantly larger loss totaling over $44 million.
“According to Cyvers Alerts, the on-chain token infrastructure protocol Hedgey suffered an attack on the Arbitrum and lost about $42.8 million, and suffered the same attack on the Ethereum and lost about $1.9 million.
Hedgey’s official Twitter account issued a security alert, saying that it is investigating the attack on the contract.”
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Altcoins
Trader Says He’s Still ‘Hugely Bullish’ on This Gaming Altcoin, Updates Outlook on Arbitrum and Render
Published
4 weeks agoon
April 12, 2024By
adminA widely followed crypto strategist is remaining bullish on one gaming altcoin this market cycle.
Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Beam (BEAM) seems to have a lot more upside potential.
“BEAM: one of my bags. It’s just chilling the last several weeks. Still hugely bullish on this coin and it’s still an indexed bet on crypto gaming for this cycle. Going to just keep hodling, not a trade.”
Looking at the trader’s chart, he suggests Beam could rally to the key upside levels of $0.036 and $0.040.
Beam is trading for $0.031 at time of writing, up slightly in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) may decline more than 15% from the current value.
“ARB: nasty price moves. I think this one looks like it’s going to head to $1.20 or lower. I would like to see it consolidate and chill for a bit before forming a bottom. But the 200-day exponential moving average (EMA) getting lost is not great and this might near retrace the entire move.”
Arbitrum is trading for $1.42 at time of writing, down more than 2% in the last 24 hours.
Lastly, the analyst says Render (RNDR), a project related to Graphics Processing Units (GPUs), could decline nearly 17% from the current value based on Fibonacci retracement levels.
“RNDR: you can now fib out the entire range and wait for the .382 and .50 fibs. Strong coins like RNDR probably bounce a bit lower, aiming for the $7.50 level. Still bullish on this one though for 2024.”
Render is trading for $9.03 at time of writing, down more than 1% in the last 24 hours.
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Altcoins
Top Analyst Says Ethereum Rival Looks Turbo Bullish, Updates Outlook on Arbitrum and Solana-Based Memecoin
Published
1 month agoon
March 28, 2024By
adminA top trader who accurately called Bitcoin’s (BTC) floor price during the 2018 bear market says one Ethereum (ETH) challenger looks extremely bullish.
Pseudonymous analyst Bluntz tells his 251,100 followers on the social media platform X that he expects the native asset of the layer-1 protocol Near (NEAR) to rally to a level last seen in May 2022.
According to the analyst, NEAR appears to be in the midst of a five-wave surge that could see the altcoin soaring close to $10 in a matter of days.
“NEAR looks turbo bullish here IMO (in my opinion), clear ABC down from the highs, spent all weekend accumulating and now breaking out.
Should be one of the first to make new highs IMO.”
Bluntz uses the Elliott Wave theory to predict the future price action of crypto assets. According to the theory, a bullish asset tends to witness a five-wave rally after completing an ABC corrective move.
At time of writing, NEAR is worth $7.60, an increase of over 3% in the past day.
The trader is also keeping a close watch on the Ethereum scaling solution Arbitrum (ARB). Bluntz says ARB is flashing multiple bullish reversal signals on the daily chart.
“ARB not only looks like a nice clear as day ABC down but there’s also a daily bullish divergence now on that daily close print.
ETH beta about to get some love again IMO.”
Traders often watch out for assets that give off a bullish divergence reading. It suggests that a bullish reversal is in sight as the asset gains momentum despite the price trending down or sideways.
At time of writing, ARB is worth $1.70.
Bluntz says he’s also expecting rallies for the Solana (SOL)-based meme token Slerf (SLERF).
“Initial hype and first pullback on SLEF looks over. Took a punt now it’s cooled off.”
At time of writing, SLERF is worth $0.767, up over 17% in the last 24 hours.
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