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Arbitrum, a fast-growing layer-2 blockchain, is set to unveil its crypto token on Thursday this week. This will be major crypto news because of the remarkable growth of Arbitrum has had in the past few months. 

Arbitrum has slowly become one of the biggest players in the blockchain industry. It is a layer-2 blockchain that is giving well-known brands like Polygon and Optimism a run for their money. 

In the past few months, the number of developers moving to Arbitrum has been rising. In DeFi alone, data shows that there are now 243 dApps in Arbitrum’s ecosystem. These dApps have a total value locked of over $1.8 billion, making it the fourth-biggest name in the industry after Ethereum, Tron, and BNB Chain. Arbitrum also has over $1.6 billion worth of stables in the network.

Many well-known brands have recently moved to Arbitrum. The biggest player in its ecosystem is GMX, the Decentralized Exchange (DEX) that handles hundreds of millions of transactions every day. It has a TVL of over $491 million. Recently, its developers said that they will increase their focus on the Arbitrum chain over the Avalanche one.

The other top dApps in Arbitrum are well-known brands like Uniswap, Sushi, Aave, Stargate, Curve, and Balancer among others. We believe that Arbitrum will continue gaining more developers in the coming months.

Developers and users love Arbitrum because of its significantly low transaction costs and remarkable speed. The ARB token will play an important role in the decentralization of Arbitrum’s platform. In a statement, the developers said:

“The Arbitrum DAO does, and the $ARB token is essential for distributing this power to the community. And that’s why a token is necessary for securely scaling Ethereum.”

Today The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB. https://t.co/TB3wG0QK0v

It is too early to determine whether ARB token will be a good investment. However, based on the network’s growth and market share, there is a likelihood that iy will see more demand from investors. 

A good way to look at it is through the lens of Optimism, which launched its token a few months ago. To a large extent, OP token has tracked the performance of other cryptocurrencies like BTC and ETH. It has jumped by more than 516% from its lowest level in 2022.

Therefore, since Arbitrum is bigger than Optimism, we can assume that the ARB token will do better in the long term. According to the developers, users will own about 56% of all tokens. 12.75% of these tokens will be the ones to be airdropped on Thursday.

The post ARB airdrop: Will Arbitrum’s new token be a good investment? appeared first on Invezz.

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