Arbitrum has emerged as a prominent Layer 2 solution that boosts the Ethereum ecosystem, enabling more efficient smart contract interactions. With an increasing focus on decentralized applications, Arbitrum is gaining traction among users and developers alike.
What Is the ARB Token?
The ARB token serves as the governance currency within the Arbitrum decentralized autonomous organization (DAO). Holders of ARB tokens engage in governance processes that occur on-chain after a specified approval period, which ranges from 21 to 37 days based on the proposal’s complexity. The DAO will also facilitate the election of a Security Council comprising 12 respected community figures.
How Does Arbitrum Support Developers?
Building on Arbitrum is as intuitive as working with Ethereum, as developers can utilize familiar tools like Truffle and Hardhat. This seamless integration has contributed to a significant uptick in user engagement, with nearly 4 million unique addresses recorded and over 400 decentralized applications (DApps) currently active on the platform.
Key points to note include:
- Arbitrum ranks as the fourth most popular blockchain by total value locked (TVL).
- Leading DApps like GMX and Uniswap are thriving on the platform.
- ARB Coin transactions can primarily occur on Binance, supporting multiple trading pairs.
To acquire ARB Coin, users should start by creating an account on Binance, the largest cryptocurrency exchange globally. After registering, they can fund their accounts with either cryptocurrency or fiat. Then, users can trade ARB Coin using pairs such as ARB/BTC or ARB/USDT, following the straightforward purchasing interface to finalize their transactions.