BlockMania

Although there were rumors of Arbitrum issuing a currency last year after another Layer 2 leader Optimism issued a currency, it ultimately failed to materialize. Now that such news has been released again under the "Maverick" market, user sentiment is obviously even higher. Affected by this, other projects in the Arbitrum ecosystem that have issued coins have increased significantly and become the center of community discussion.

Before introducing the projects in the Arbitrum ecosystem, let me briefly introduce the Arbitrum project itself and why its currency issuance can cause such a huge FOMO sentiment in the market.

Arbitrum is Ethereum’s Layer 2 expansion solution. It emerged to solve the problems of high gas fees and network congestion faced by Ethereum. Layer2 is the collective name for Ethereum expansion solutions. Among all current Layer2 projects, Arbitrum ranks first with a locked-up amount of US$1.46 billion. Its main competitor Optimism has a locked-up amount of US$80 million; and it is different from other mainstream public chains. In comparison, Arbitrum is also second only to Ethereum, BSC and Tron, and better than the established Polygon, Avalanche and Solana.

What is POAP?

POAP stands for Proof of Attendance Protocol, which means Proof of Attendance Protocol. It is an ERC721 standard NFT protocol.

POAP is positioned to create a way to record life experiences using blockchain. As long as the event party supports POAP, POAP collectors can receive a unique NFT badge on the blockchain as a souvenir after participating in the event.

These NFT badges can demonstrate a user's attendance at an event, whether in the virtual world or in the real world. Each badge is unique, and generally speaking, the only way to obtain POAP is to attend a specific event.