Ethereum Layer-2 token ARB rises 10% as Arbitrum network doubles down on ecosystem growth
- Ethereum Layer-2 token ARB is up 8.5%, with gains coming in as the Arbitrum network integrates bridging functionality.
- The network has launched on Hop Protocol to facilitate seamless bridging between ArbitrumOne and ArbitrumNova.
- As traders excite over enhanced transaction speed and low-cost transactions, trading volume hit $120%.
- Holders for popular tokens like ETH, MAGIC, and ARB are positioned to benefit.
Ethereum (ETH) Layer-2 (L2) token Arbitrum experienced a significant surge a new network development. Based on a recent announcement, the network has integrated a protocol facilitating token transfers across different blockchain networks.
Also Read: Over 100k ADA holders’ profits multiply by 30% as Cardano price rallies to $0.35
Ethereum L2 network Arbitrum doubles down on network development
Ethereum L2 network Arbitrum has announced the network’s integration with the Hop protocol for bridging purposes. Specifically, ArbitrumOne and ArbitrumNova come together on the Hop protocol. The integration allows for seamless transfers of tokens like Ethereum (ETH) and Magic (MAGIC) between the Arbitrum chains.
Starting today, bridging between #ArbitrumOne and #ArbitrumNova is now available with @HopProtocol!
— Arbitrum (,) (@arbitrum) July 13, 2023
More details https://t.co/QnsVJP1cV3
The integration with Arbitrum Nova brings several benefits, including lower transaction costs and heightened security, opening up new possibilities for various use cases.
Benefits for ARB Holders
Hop protocol touts itself as a network for sending tokens across rollups and their shared Layer-1 (L1) network in a quick and trustless manner with Arbitrum Nova. The integration of this protocol brings a host of advantages for ARB token holders, including fast and secure transfers. This advancement enables ARB holders to explore the benefits of both networks seamlessly, expanding their possibilities within the Ethereum L2 ecosystem.
Additionally, the integration enhances the security of transactions, maintaining a high level of trust and reliability. This factor is crucial for ARB holders as it safeguards their assets during token transfers and provides peace of mind.
There is also the growth of the Treasure DAO community, known for its vibrant ecosystem of gamers, creators, and developers utilizing ArbitrumOne.
We expect to see more games & NFTs come online now that this integration is live. The future of onchain gaming is coming and this partnership between the Treasure and Hop communities is yet another step in realizing that future.
— HopProtocol (@HopProtocol) July 13, 2023
With the introduction of the MAGIC bridge to Arbitrum Nova, community members gain the freedom to leverage the Nova network, taking advantage of even more cost-efficient transactions. This expansion of possibilities unlocks new experiences and opportunities that were previously inaccessible, further enriching the ARB token ecosystem.
, .$MAGIC (and $ETH) are the first two tokens to be supported on @Arbitrum Nova via a new bridge powered by our friends @HopProtocol.
— Treasure (@Treasure_DAO) July 13, 2023
This sets the stage for new games on Nova to enter into the Treasure ecosystem. More to come!
https://t.co/9pJ0tXz989 pic.twitter.com/JRtRRCvnwJ
Traders have responded positively to the integration as they look to capitalize on the lower transaction costs, reduced fees and therefore improved profitability to maximize their returns.
This integration with Nova adds a seamless bridging experience between Arbitrum chains (,)
— HopProtocol (@HopProtocol) July 13, 2023
Why Nova? It allows for ultra-low transaction costs with high security. This opens the doors for use-cases that might not be possible on other chains, like gaming and social projects.
Furthermore, the integration expands trading options by supporting tokens like ETH and MAGIC. This diversification broadens the scope of assets available for trading and investment.
Bringing some $MAGIC to games on Arbitrum Nova.
— Karel Vuong (@karelvuong) July 13, 2023
Who’s up first? https://t.co/Flb8D1kstq
Traders can capitalize on a more extensive selection of tokens, enabling them to diversify their portfolios and take advantage of emerging opportunities within the ARB ecosystem. The integration with Hop Protocol and Arbitrum Nova thus facilitates a more dynamic and comprehensive trading experience.
Arbitru price forecast
In the past eight hours, the four-hour Chart of ARB/USDT has displayed a significant gain of +10%. The momentum technical indicators, comprising the Relative Strength Index (RSI) and Awesome Oscillators (AO) suggest further upward movement.
Additionally, positive market sentiment, fueled by news such as XRP’s partial win over the SEC continues to garner substantial bullish pressure across the crypto market.
ARB/USDT 1-Day Chart
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Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
