4 Top Arbitrum Projects to Watch Out For in the Hype of ARB Tokens!
On March 16th 2023, the Arbitrum Foundation announced that their ARB (their new token), will be airdropped to community members on March 23rd.
According to the Arbitrum Foundation, ARB will mark Arbitrum’s official transition into a decentralized autonomous organization (DAO), meaning ARB holders will be able to vote on key decisions governing Arbitrum One and Arbitrum Nova — networks that allow users to transact on the Ethereum blockchain with greater speeds and lower fees.
Arbitrum has $3.69 billion locked into its Ethereum rollup network, Aribtrum One, making it the clear market leader in a cut-throat field of competing chains. According to L2 Beat, a layer 2 analytics site, Arbitrum holds 55% of the Ethereum Layer 2 market share.
As one of the largest crypto projects without a token, anticipation for an Arbitrum token has been at a fever pitch since the network went live in 2021. So, before the hype really takes off, let’s look at the 5 top Arbitrum projects to keep an eye on!
The Top 4Arbitrum Projects to Watch Out For
1. GMX
What it is: The GMX is a decentralized exchange protocol that deployed on two EVM chains, Arbitrum and Avalanche. The utiitty and governance token for its Arbitrum ecosystem is GMX, which generates 13% APR for the users.
Why you should care: GMX has emerged as a prominent player in the DeFi space, offering a decentralised trading protocol with margin trading capabilities and a simple user interface. With a wide range of assets available, including BTC, ETH, UNI, and more, GMX operates on low-fee networks like Arbitrum and Avalanche.
One of the key draws of GMX is its policy of distributing 100% of protocol revenue back to token holders, providing real yield for investors. With its GLP liquidity pool, traders and investors can earn fees and yield by staking their GMX or GLP tokens. Overall, GMX offers a unique blend of functionality, low costs, and high returns, making it a valuable addition to the DeFi ecosystem.
2. Sushi Swap
What it is: SushiSwap is a decentralized exchange (DEX) in which users can exchange between different virtual currencies using a connected cryptocurrency wallet, such as MetaMask.
Why you should care: SushiSwap offers its users more features (exchange, lending, launchpad, token vault, etc) than most other DEXs in the market. Follows a profit sharing model- Staked Sushi (xSUSHI) holders receive a portion (0.05%) of the trading fees charged by the platform.
3. AAVE
What it is: Aave is a decentralized cryptocurrency platform that allows users to borrow and lend crypto. Aave uses smart contracts to automate the process, with preset rules on how funds are distributed, how collateral is handled, and how fees are assessed.
Why you should care: The AAVE cryptocurrency offers holders several advantages. For instance, AAVE borrowers don’t get charged a fee if they take out loans denominated in the token. Also, borrowers who use AAVE as collateral get a discount on fees.
4. Curve Finance
What it is: Curve Finance was founded by Michael Egorov and launched in January 2020 for the purpose of providing a decentralized exchange built with an automated market maker (AMM) architecture, optimizing the swapping of digital assets with identical pegs. This was followed by the establishment of the Curve DAO in August 2020.
Why you should care: Curve Finance offers users a new cheaper, safer and more direct token exchange alternative. Instead of exchanging Token A for ETH, and then ETH for Token B, Curve Finance eliminates high transaction fees and processes the exchange of Token A for Token B directly in a single transaction.
Bonus Newcomer
Fiat24 — Arbitrum-built dApp for Crypto Spending
So, you want to enjoy a flexible, easy way to cash out your crypto to fiat? You can open a Fiat24 account in less than 5 minutes with the wallet of your choice!
The process is as simple as navigating to a browser on your phone, clicking on “connect wallet,” and choosing an avatar or account number that you like. Simply sign and confirm, following your wallets’ instructions, and voila!
Fiat24 offers Swiss financial services through their dApp, with their signature NFT designated as your account. An ecosystem that provides the security of being fully regulated, they are bridging the gap between centralised and decentralised systems.
Fiat24 clients get access to cash accounts directly on the blockchain, and can do top-ups via crypto and bank wire, send and receive money to peers in the Fiat24 ecosystem, and do instantaneous currency exchanges.
Learn more here!
The future looks BRIGHT for Arbitrum
Google searches for Arbitrum, the largest layer 2 scaling system on Ethereum, soared in the 24 hours after the Arbitrum Foundation announced an airdrop Thursday.
Arbitrum follows in the footsteps of Optimism, a rival layer 2 scaling system that issued an airdrop last April. The market capitalization of the Optimism token (OP) is $792 million with a market cap to TVL ratio of 0.84, according to DefiLlama. As Arbitrum has more than double the amount of capital locked on its blockchain, the token can be expected to have a market cap of around $2 billion using the same ratio.
New to trading? Try crypto trading bots or copy trading on best crypto exchanges
Join Coinmonks Telegram Channel and Youtube Channel get daily Crypto News
