The Arbitrum network and its native token $ARB have been the most searched crypto projects, according to data by Coinmarketcap and Coingecko, since the airdrop on March 16. Arbitrum (ARB), an Ethereum layer-two (L2) scaling solution that uses optimistic rollups to achieve high and secure throughput, has already been listed on top centralized exchanges including Binance, OKX, Bybit, Bitrue, and Bitget, among others despite being in existence less than a month.
Crypto analysts relate Arbitrum’s huge attention to the team of founders and the vast investment from Offchain Labs. Notably, Offchain Labs closed its series B funding round in 2021 with approximately $120 million, thus valuing the company at $1.2 billion. As a result, the Arbitrum network has enjoyed a significant amount of funds in marketing and development from Offchain Labs.
Kang’s Arbitrum (ARB) Investment
According to research conducted by on-chain analytics platform Lookonchain, prominent crypto trader Andrew Kang purchased 795,120 ARB on Tuesday after implying an impending altcoin season. Notably, Kang cited the fading Bitcoin’s dominance as an indicator the altcoin market is awakening. Moreover, some altcoins led by Ethereum and Dogecoin have begun showing signs of decoupling in the next few weeks.
Lookonchain connected the dots after Kang’s debank account converted $1 million worth of USDC to ARB.
The Controversy
Despite its short-term gains, the Arbitrum ecosystem has, however, been met with several challenges. On top of the list, the Arbitrum team has made a proposal to allocate 750 million ARB tokens to the operation cost and also the admins. However, the Arbitrum community unanimously voted against the proposal. Nevertheless, the Arbitrum team went ahead to bypass the community’s will and allocated part of the proposed ARB tokens.
