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The Arb ecosystem has gone through several stages of hype, and various popular projects have emerged. Although the life cycle and popularity of these projects vary, they have injected new vitality into the Arb ecosystem and even the entire blockchain field.
In October 2022, the Arb ecosystem ushered in the first wave of hype, with three or five of the hottest projects, including MAGIC, GMX, GRAIL, and RDNT. MAGIC is known as the "Nintendo" of the gaming platform industry. In the early days, it attracted seed users by staking Loot and AGLD. Later, it launched the game Beacon, where players could get game currency rewards by staking MAGIC. However, Beacon seems to have been ignored now.
In addition to the projects mentioned above, there are some other noteworthy projects in the ARB ecosystem, such as FinQuest, which focuses on decentralized derivatives trading, and Thorp, a cross-chain trading platform based on Layerzero. These projects have achieved certain success in their respective fields, demonstrating the unique competitiveness and innovation potential of the Arb ecosystem. The continued development of the Arb ecosystem has also attracted the attention of the traditional financial community. In May of this year, Morgan Stanley pointed out in a research report that second-layer networks such as Arbitrum will "reshape the landscape of the crypto ecosystem" and bring more opportunities to DeFi, NFT and other fields. This report confirms the value and potential of the Arb ecosystem and makes us full of confidence in the future development of the Arb ecosystem. The development process of the Arb ecosystem has not been smooth sailing, but this process tells us that in the field of blockchain, innovation, exploration and experimentation are eternal themes. Let us look forward to the emergence of more innovative projects in the future, jointly promote the prosperity of the entire crypto ecosystem, and bring more possibilities to human society.
When Gmx was first launched, I immediately noticed this project. At that time, I predicted that after the second layer of Ethereum matured, the application ecosystem would still be dominated by Uniswap, Aave, etc., and second layers such as Arbitrum would gradually support these applications. However, the rise of native ecology broke this idea. The so-called native ecology refers to projects that are only born on the second layer, such as Camelot (Swap on Arb), Gmx (futures market on Arb, similar to dYdX), etc.
When Gmx was first launched, some people thought it was just a copy of dYdX and its future was uncertain. However, as dYdX planned to build an application chain on Cosmos, Gmx gradually gained recognition. I thought at the time that dYdX should support Arbitrum as soon as possible instead of taking a long detour. Although there may be technical obstacles, the success of Gmx proves the feasibility of options trading in the Arbitrum ecosystem.
Radiant is a cross-chain lending project based on Layerzero. Cross-chain lending has certain application scenarios, such as users holding assets on a certain chain and hoping to borrow some stablecoins on another chain. Although there are many cross-chain currency swap projects on the market, Radiant's unique design based on Layerzero makes it competitive in this field.
In March this year, the ARB token was launched, which once again set off a wave of hype for the Arb ecosystem. Immediately afterwards, AIDOGE led a wave of local dog craze. As long as the account has received ARB airdrops, it can receive various local dog projects, such as AIDOGE, DOGEAI, SHIBAI, AISHIB, etc.
Summarizing the development of the Arb ecosystem over the past year, we have seen the rise of native projects such as MAGIC, GMX, GRAIL, and RDNT, and witnessed the success of projects such as Gmx and Radiant. Although the development of the Arb ecosystem has not been smooth sailing, this journey still shows us the infinite possibilities of blockchain technology. Let us look forward to more innovative projects in the future to jointly promote the prosperity of the entire crypto ecosystem.
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