The Arbitrum network is now available on Flooz with our swap feature, allowing for easy cross chain swaps. Trade any token across the Arbitrum chain, and join a thriving ecosystem with over $2.6b in TVL.
Ilias Salvatore
5 min read • Feb 8, 2024
🤝 Welcome Arbitrum to Flooz
We're excited to announce that Flooz.xyz has now integrated with Arbitrum chain to serve all DeFi traders. You can now trade any token across the Arbitrumchain, and join a thriving ecosystem with faster transactions and cheaper network fees.
Let's take a dive into our latest cross chain swap feature network, Arbitrum.
❓ What is Arbitrum?
Arbitrum One is a leading Ethereum Layer-2 scaling solution initially developed by , offering ultra-fast, low-cost transactions. Launched in August 2021, the Arbitrum ecosystem currently counts over 2000+ DeFi and NFT projects!
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The Arbitrum layer 2 solution is designed to improve the capabilities of Ethereum smart contracts, enabling much improved outcomes such as; boosting their speed, scalability, and an added element of privacy too.
While Ethereum is the preferred option for many projects in the crypto space, it does have its downsides, with a strained network being one of them, resulting in slower processes and increased fees for users due to the congestion… which as you can imagine, is not ideal.
This is where Arbitrum comes into play. While Ethereum is looking to improve its on-chain processes and provide additional upgrades to address these problems, Arbitrum works as a layer 2 option to resolve these issues.
How does this work?
The platform is designed to allow developers to run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer with ease and also without complications while benefiting from Ethereum's excellent layer 1 security at the same time.
Ideal, right?
For this to work, Arbitrum uses a technology called optimistic rollup. Its entire purpose is to allow and enhance the scalability of Ethereum smart contracts. This is done by enabling the exchange of messages between smart contracts on the Ethereum main chain and those on the Arbitrum second layer chain.
The reason this works so well is because it allows a large portion of transactions to occur on the Arbitrum second layer, while still registering and recording these on the main chain (Ethereum in this case). As a result, this significantly improves the transaction speed and operational efficiency, while still addressing the scalability issues with Ethereum's ecosystem.
So to clear up any confusion…
Arbitrum is used to solve the issues that the Ethereum blockchain has, which results in faster, cheaper, and more efficient transactions and processing. Think of it as buying a server to take away some of the stress from your main server that is overloaded sometimes and close to capacity.
📊 Take a look at the stats
Since Arbitrums airdrop back in March 2023, it has been growing ever since, and to no surprise, it is the biggest Ethereum layer 2 by TVL (Total Value Locked).
So let’s dive a little deeper into this 👇
According to L2Beat, Arbitrum has a TVL of around $11B, which is incredible considering it hasn’t even been available for a year yet… On top of this, Arbitrum has a market share of 49.5%, nearly double that of second place, which is the OP mainnet, seeing only a 25.4% market share and a TVL of $5.62B in comparison.
Quite a big difference if we say so ourselves…
As for the Arbitrum token ($ARB), it is currently in the top 50 for market capitalization, sitting at around $2.4B, and has a 24H volume of $400M. What’s even more impressive, there are just under 900 million wallet addresses for $ARB, which illustrates that this project is thriving and is attracting a lot of investors.
This is an exciting project that is looking to continue expanding, and luckily for you… you can now use the Arbitrum network to swap via our platform.
If you want to check out more about our latest swap features, including Arbitrum and a few other new faces, you can find more information here 👈
🚀 Top 10 Arbitrum projects to trade
With the swap feature now including the Arbitrum network, it would be rude not to include the top 10 projects available to trade on the network, right?
Let’s jump in 👇
Chainlink ($LINK) - Chainlink is a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts.
UniSwap ($UNI) - Uniswap is a decentralized exchange (DEX) that makes it easy for users to swap an ERC-20 token for another ERC-20 token without the need of a centralized intermediary. $UNI is its goverance token.
Lido DAO ($LDO) - Lido DAO is an innovative decentralized autonomous organization that offers a liquid staking solution for proof-of-stake tokens.
Arbitrum ($ARB) - Arbitrum is a rollup chain designed to improve the scalability of Ethereum.
The Graph ($GRT) - It is an indexing protocol and a global API aimed at organizing blockchain data, while making it easily accessible via GraphQL.
Frax Share ($FXS) - Frax Share (FXS) operates as the governance token within the Frax Protocol. It accrues value from newly minted FRAX, fees, and excess collateral.
Woo ($WOO) - WOO Network is a system of centralized finance (CeFi) and decentralized finance (DeFi) services designed to enable deeper liquidity for various cryptocurrency market participants.
CRV DAO ($CRV) - CRV is the governance token for Curve Finance. It implemented a complex time-based staking system to exchange CRV into veCRV, where veCRV is an internal token intended for governance purposes.
GMX ($GMX) - GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Magic ($MAGIC) - MAGIC is the native token of Treasure. Treasure is the decentralized video game console connecting games and communities together through imagination, MAGIC, and NFTs.
👀 What's been happening with ARB token
Now you know what Arbitrum is all about… let’s find out what has been happening recently 👇
Firstly, the Arbitrum governance token hit a new all time high of $2.38 last month, which is a huge milestone. Sadly, it has retraced since and is now sitting at around $1.88 but this is another sign that the project is moving in the right direction and is attracting a lot of attention.
Next on the agenda, Arbitrum is set to unlock the next portion of $ARB tokens in March, with an estimated 87% of the supply to be released, totalling around $2B worth of tokens set to enter the circulating supply.
This is concerning to any investors, as such a big supply release could heavily impact the price, with the likely direction to be downwards. But as usual, nothing is guaranteed, so it is a gamer of wait and see what happens. Either way, there will be some volatility once this unlock begins, so be prepared, and who knows… there may even present an opportunity for eager investors to get involved in the project.
Lastly, Arbitrum may be disbursing tens of millions of dollars worth of its native token to incentivize usership and development on the layer-2, which would be the third time in 5 months that this has occurred. This is after a recent DAO passed an initial snapshot for a “long-term incentives program” with 45.8 million Arbitrum ($ARB), worth nearly $90 million at current prices.
While votes would need to be tallied and this proposal to be passed officially, this is definitely an exciting movement for anyone involved with Arbitrum as they are looking to keep expanding, which for any investors, is certainly a good sign.
Don't forget, if you want to find out more about our latest swap features and available networks, you can check it out here 👈
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