Arbitrum Price(ARB)

NEAR Foundation, the firm behind the NEAR protocol ecosystem development, is partnering with Alibaba Cloud, Alibaba Group's digital technology and intelligence backbone.The strategic alliance aims to galvanize the NEAR Foundation's reach into Alibaba Cloud's extensive developer ecosystem in Asia and the Middle East. By simplifying the process of launching new NEAR validators via Alibaba Cloud's "plug-and-play" infrastructure, the partnership seeks to attract more developers to build on the NEAR protocol.“Our partnership with Alibaba Cloud is a major milestone for the NEAR Foundation. It proves that NEAR protocol’s technology can truly lift the restrictions surrounding Web3 development, allowing more creators to build exciting applications and helping to onboard billions of Web2 users to the possibility of Web3," said Marieke Flament, CEO of the NEAR Foundation.Tooling and Infrastructure: Empowering DevelopersThe NEAR Foundation and Alibaba Cloud are joining forces to offer Remote Procedure Calls (RPC) as a service to developers and users in the NEAR ecosystem. This service, coupled with multi-chain data indexing, provides developers with a data-query API, simplifying the process of searching data across multiple blockchains.App developers working on the NEAR Blockchain Operating System (BOS) can now leverage Alibaba Cloud's infrastructure. BOS offers a unified layer for browsing and discovering open web experiences compatible with any blockchain. Its standout feature, FastAuth, enables developers to onboard new users with just an email, eliminating the need for crypto.“Together with NEAR’s Node-as-a-Service initiative and BOS, we support the Web3 community to create exciting applications that will benefit a wide consumer audience. We are looking forward to what we can achieve with this partnership," said Raymond Xiao, Head of International Web3 Solutions, Alibaba Cloud Intelligence.Market Response and Future CollaborationsFollowing the partnership announcement, NEAR's market price witnessed an 8% surge to $1.57, signaling the market's positive response. As part of the partnership's future endeavors, both entities plan to expand their collaboration through participation in a variety of global Web3 conferences and events.The announcement follows closely on the heels of Alibaba's appointment of new Chairman Joseph Tsai, known for his active investments in the Web3 sector.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In the ever-evolving world of cryptocurrencies, Arbitrum has emerged as the preferred destination for capital flowing away from Ethereum. Recent data analysis indicates a notable shift in investor preferences, with an increasing number of users flocking to Arbitrum for its enhanced scalability and decentralization features. This article delves into the rising popularity of Arbitrum and uncovers the factors driving this significant shift in the cryptocurrency landscape.Ethereum, as one of the leading blockchain platforms, has long been hailed for its smart contract capabilities and decentralized applications (dApps). However, the network has faced scalability challenges, leading to congestion and high transaction fees during periods of increased demand. As a result, users have started exploring alternative platforms that offer improved scalability and cost-effectiveness.Arbitrum, built as a Layer 2 scaling solution on top of Ethereum, has emerged as a frontrunner in addressing Ethereum’s scalability issues. By utilizing innovative technology, Arbitrum allows for faster and cheaper transactions while leveraging the security and robustness of the Ethereum mainnet. This combination of scalability and compatibility with the existing Ethereum ecosystem has made Arbitrum an attractive choice for investors seeking to migrate their capital.The data reveals a growing trend of users shifting their funds from Ethereum to Arbitrum, highlighting the platform’s rising popularity. One of the key factors driving this migration is the ability to access a wider range of dApps and services on Arbitrum, including decentralized finance (DeFi) protocols, non-fungible token (NFT) marketplaces, and gaming platforms. As more projects integrate with Arbitrum, users gain access to a diverse ecosystem of applications, providing them with greater opportunities and flexibility.Another significant advantage of Arbitrum is its commitment to decentralization. The platform’s architecture ensures that transactions are processed and verified by a network of validators, distributed across different entities. This approach enhances the security and resilience of the network, mitigating the risks associated with centralized systems. The emphasis on decentralization aligns with the core principles of the cryptocurrency industry, attracting users who prioritize privacy, censorship resistance, and trustlessness.Furthermore, the cost-effectiveness of Arbitrum compared to Ethereum’s mainnet is a driving factor behind the capital migration. With Ethereum gas fees often reaching high levels during periods of congestion, users find Arbitrum’s lower transaction costs appealing. This affordability enables users to transact more frequently and engage in various activities within the cryptocurrency ecosystem without the burden of exorbitant fees.The rise of Arbitrum as a preferred destination for capital is indicative of the cryptocurrency industry’s continuous evolution and the dynamic nature of investor preferences. It highlights the importance of scalability, compatibility, decentralization, and cost-effectiveness in shaping the future of blockchain platforms. As users seek platforms that can handle increased transaction volumes without compromising efficiency and affordability, solutions like Arbitrum offer a compelling alternative.In conclusion, Arbitrum has emerged as the go-to choice for users seeking scalability, compatibility, decentralization, and cost-effectiveness in the cryptocurrency landscape. The data supports the growing popularity of Arbitrum as an alternative to Ethereum, driven by its enhanced scalability features, diverse ecosystem of dApps, and commitment to decentralization. As the cryptocurrency industry continues to evolve, platforms like Arbitrum play a crucial role in providing users with a more seamless and efficient experience. Investors and users alike should closely monitor the developments in the ecosystem and consider the advantages offered by platforms like Arbitrum for their capital migration needs.

Arbitrum, the popular layer-2 rollup scaling solution for Ethereum, witnessed a decline in daily active users of over 17% in the last 24 hours. The graph failed to surpass 300k and currently stands at 244k. The trading activity on the platform remained dull as transaction fees followed a flatter trajectory over the past few days. These figures resulted in a 16.8% drop in the native token, ARB’s price, to $1.12, as per CoinMarketCap data. However, the Arbitrum community can expect positive changes soon.Arbitrum introduced a new decentralized autonomous organization (DAO) revenue mechanism in an official Twitter announcement. Through this mechanism, token holders could benefit from accumulated surplus fees. Arbitrum will distribute 3,352 ETH, worth over $6 million, to its DAO as part of the rewards generated through fees. The protocol will also establish a revenue distribution mechanism, achieved through triggering a smart contract periodically, ensuring timely rewards distribution.The transaction fee on the Arbitrum One network consists of two units – L1 and L2 fees. The former covers the cost of posting transactions on the Ethereum network, while the latter covers using resources on the Arbitrum network. The L2 fee for sending one ETH on Arbitrum was just $0.23, compared to $3.14 on Ethereum, according to L2 Fees.Despite a 5% decline in the total value of assets held by Arbitrum to $5.82 billion in the last week, Arbitrum remained the king among L2s with a 66% share of total value locked (TVL).Investors sentiment for ARB was negative, indicating that they anticipated more losses. The MVRV Ratio was negative, suggesting that most holders would face losses if they sold at current market prices. Moreover, the daily transaction volume in profit recorded steep hikes last week before tumbling.In conclusion, while the recent decline in daily active users and ARB’s price may cause concern, Arbitrum’s new DAO revenue mechanism could usher in positive changes. The platform’s low transaction fees and substantial TVL share continue to make it a dominant player in the L2 scaling solutions space. The post Arbitrum Announces New Reward Program in a Bid to Revive the Ailing ARB appeared first on BitcoinWorld.