- Arbitrum Foundation announces that a program for Layer-3 networks, Orbit, is mainnet-ready.
- Orbit moves to decentralize Arbitrum, encouraging developers to create their own dedicated chain that settles on ARB.
- ARB price declined 2% on the day, failing to catch up with latest developments in the Arbitrum ecosystem.
Arbitrum network’s program for Layer-3 chains, Orbit, is now mainnet ready. The Arbitrum Foundation’s move is focused on decentralizing the network. Developers are invited to create their Layer-2 and Layer-3 chains on top of Arbitrum One, Nova, Goerli and Sepolia.
ARB price noted a drop of 2% in the past 24 hours. The token’s price failed to recover despite bullish developments in the project’s ecosystem.
Also read: Arbitrum price pulls back from charting 2023 lows as final Security Council voting commences
Arbitrum Foundation announces Orbit is mainnet ready
Arbitrum Foundation’s Orbit Layer-3 application system is now ready for its mainnet. The pace of development for Arbitrum-based projects has been slow, with the launch of Orbit, developers can pick up the pace.
After months of development, Arbitrum Orbit is mainnet-ready!
— Arbitrum (,) (@arbitrum) October 26, 2023
Permissionlessly build a customized chain using the most advanced scaling technology in the world.
Why Orbit? pic.twitter.com/yKvVR9eKQQ
The core of Arbitrum Orbit embodies the basic modules of Ethereum network’s security and consensus layer by default. Developers can build Layer-3 applications with high Ethereum Virtual Machine (EVM) compatibility and allow projects to customize their gas token. This allows for independence and decentralization of Arbitrum and projects on the chain.
Projects that choose Orbit are free to select third-party decentralized applications like Celestia. Developers of derivatives trading platforms, and games are looking for independent application chains and Arbitrum Orbit offers them the same.
Arbitrum’s governance token, ARB, is struggling to recover. On-chain metrics like trade volume and daily active addresses, indicate an increase in activity on Arbitrum’s chain, while prices lag behind.
On-chain metrics signal rising activity on ARB
Based on data from crypto intelligence tracker, Santiment, there is a consistent increase in daily active addresses and trade volume in ARB in October. Between September 27 and October 26, the trade volume in ARB increased nearly six times, from 76.66 million to 458.82 million.
The daily active addresses sustained above the 11,250 level, indicating participation from traders.
Arbitrum trade volume and daily active addresses as seen on Santiment
Weighted sentiment, a metric that combines the positive and negative commentary and multiplies it by the amount of social volume, signals market participants’ outlook on the asset. For ARB, according to Santiment data, the weighted sentiment is 1.216, non-negative and indicative of a positive outlook among traders. This metric points towards a likely recovery in ARB price.
ARB weighted sentiment vs price
Arbitrum’s on-chain metrics hint at a price recovery in the asset, however the token is in a downtrend, at the time of writing.
Arbitrum price fails to recover
At the time of writing, ARB price is $0.9211 on Binance. The token yielded 19.62% gains over the past week and posted nearly 2% losses on the day. Altcoin Sherpa, a crypto analyst on X, evaluated the Arbitrum price chart and noted that in the event of ARB price decline, the token could find support at $0.7825, the 78.6% Fibonacci Retracement level.
ARB/USDT one-day price chart on Binance
ARB price could hit $1.0043, the 61.8% Fibonacci level, if the token resumes its recovery.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.