Arbitrum

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Arbitrum (ARB), a prominent governance token in the decentralized finance (DeFi) ecosystem, recently witnessed a decent surge in price following renewed buying activity from a well-known DeFi whale address. 
Large-scale investors often influence market sentiment and can significantly impact the price of a given asset. However, as the rally unfolds, questions arise about the sustainability of this upward momentum and its implications for the future of Arbitrum.

Whale’s Unusual Buying Activity Coincides With ARB’s Rally
Arbitrum’s (ARB) current price of $1.24 on CoinMarketCap highlights its remarkable performance, with a noteworthy 3.4% rally witnessed within the past 24 hours, followed by an impressive seven-day climb of 7%. Interestingly, this surge in value coincided with unusual buying activity associated with renowned trader Andrew Kang’s crypto addresses.


Particularly noteworthy is the fact that Andrew Kang, co-founder of Mechanism Capital, has been making some interesting movements within the Arbitrum ecosystem.
Kang put $1 million worth of stablecoins into Arbitrum pools and allocated nearly a quarter of the funds to the purchase of RDNT tokens. RDNT is the native token of the DeFi lending platform Radiant Capital.



After filling his bags with RDNT, Kang subsequently exchanged his newly acquired tokens and existing RDNT reserves for $867,000 worth of ARB. 
These transactions were further followed by Kang depositing the proceeds into Radiant Capital, where he borrowed Circle’s USD Coin. These details have been revealed through data obtained from Lookonchain, a reliable data resource.

Seems like Andrew Kang is using leverage to go long $ARB on @RDNTCapital.
Buy $ARB → Deposit $ARB → Borrow $USDC → Buy $ARBhttps://t.co/PQwi0Zj9TT pic.twitter.com/afXjeRtTpv
— Lookonchain (@lookonchain) June 2, 2023
Multiple Whales Seize Opportunity As ARB Price Improves
In addition to Kang’s intriguing buying activity, another significant player, known by the address “0xf59b,” has also recognized the potential in ARB’s upward trajectory. This whale made a strategic move by depositing 1.2 million ARB tokens, equivalent to $1.5 million, into the popular cryptocurrency exchange OKX.

Whale”0xf59b” finally waited for the rise of $ARB and deposited 1.2M $ARB ($1.5M) into #OKX 30 minutes ago.
He withdrew 1.2M $ARB from #OKX on May 8th, and the buying price may be around $1.2.https://t.co/cJReZfg007 pic.twitter.com/jFwBRtPUpK
— Lookonchain (@lookonchain) June 2, 2023
This whale’s decision to pull the tokens out from OKX on May 8 and potentially purchase them at around the $1.2 mark suggests a deliberate strategy of waiting for a price increase before taking advantage of their holdings. By carefully timing their actions, this entity sought to maximize their potential gains as ARB’s value climbed.
These recent large-scale investments signify a growing optimism surrounding Arbitrum’s Layer 2 solution, despite the challenges it has faced in the market recently. The renewed interest from both Kang and the whale behind the address “0xf59b” reflects a belief in the long-term viability and potential profitability of ARB.
Furthermore, these strategic moves by multiple whales indicate a broader sentiment within the crypto market. As the Ethereum network gradually recovers from the recent drop, there is a growing expectation of increased activity on Layer 2 networks. This anticipation sets the stage for a potentially bullish cycle for these networks, including Arbitrum.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
-Featured image from The Conversation


Arbitrum (ARB), a prominent governance token in the decentralized finance (DeFi) ecosystem, recently witnessed a decent surge in price following renewed buying activity from a well-known DeFi whale address.  Large-scale investors often influence market sentiment and can significantly impact the p...

newsbtc.com

Whale’s ARB Accumulation Rekindles Momentum For DeFi Token – Here’s Why

ARB price notched a double-digit gain after a popular DeFi whale address resumed buying the governance token, but is the rally sustainable? 

cointelegraph.com

Arbitrum price soars after DeFi whale address resumes ARB accumulation

Circle plans to launch USD Coin (USDC) natively on the Ethereum (ETH) scaling solution Arbitrum (ARB) on June 8th.
The stablecoin issuer says this native USDC will be the official version of the Arbitrum ecosystem and will eventually replace the USDC currently on Arbitrum that is bridged from Ethereum.

Explains the ETH scaling solution,
“Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time. There will be no immediate changes to the Arbitrum Bridge, and it will continue to operate normally for bridging USDC to and from Ethereum.”
Arbitrum says the benefits of a native USD Coin include institutional on and off-ramps via Circle and upcoming support from a cross-chain transfer protocol to get rid of bridge withdrawal delays. The native USDC will also be fully reserved and always redeemable at a 1:1 ratio for US dollars, according to Circle.
With a market cap of nearly $29 billion at time of writing, USDC is the second-largest stablecoin, behind Tether USD (USDT). USDC is the fifth-largest digital asset overall.
USDC briefly lost its peg to the dollar in March following news that Circle had $3.3 billion of its $40 billion cash reserves stuck in the collapsed Silicon Valley Bank (SVB). The stablecoin dropped to a low of $0.877 before quickly jumping back up to the $1.00 range around three days later.
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Generated Image: Midjourney
The post Second-Largest Stablecoin To Launch ‘Natively’ on Ethereum Scaling Solution Arbitrum (ARB) Next Week appeared first on The Daily Hodl.


Circle plans to launch USD Coin (USDC) natively on the Ethereum (ETH) scaling solution Arbitrum (ARB) on June 8th. The stablecoin issuer says this native USDC will be the official version of the Arbitrum ecosystem and will eventually replace the USDC currently on Arbitrum that is bridged from Eth...

dailyhodl.com

Second-Largest Stablecoin To Launch ‘Natively’ on Ethereum Scaling Solution Arbitrum (ARB) Next Week

Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchain last week.
Circle Plans to Launch USDC on Arbitrum on June 8
On Thursday, Circle revealed that usd coin (USDC), the second largest stablecoin by market valuation, will make its debut on Ethereum’s L2 scaling network, Arbitrum. With a current market capitalization of roughly $28.8 billion, USDC ranks as the second-largest stablecoin. “USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem,” Circle said on Thursday. “Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.”
Arbitrum also released a blog post discussing the impending USDC native support, asserting that it will provide numerous benefits such as enabling institutional on/off-ramps through Circle and its partners. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) support is expected to eradicate delays related to bridge withdrawals. Furthermore, Arbitrum said that the upgradeable smart contract will permit Circle to implement future improvements for an enhanced user experience.
Arbitrum has decided to rename the Ethereum-bridged edition of USDC on block explorers as “USDC.e”. The team also plans to proactively engage with ecosystem applications and encourage them to adopt this change in their app user interfaces and documentation. “Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time,” the blog post elaborates. The developers also said that the functionality of the Arbitrum Bridge will remain unchanged for the time being.

The latest development coincides with Circle’s decision to remove U.S. Treasury bonds from USDC reserves, leaving only cash and overnight repurchase agreements. Moreover, EUROC, Circle’s euro-backed stablecoin, was recently implemented natively on Avalanche. In March, it came to light that Circle partnered with token protocol startup Noble to launch USDC on the Cosmos chain. Circle also announced its presence on Arbitrum’s Discord under the “usdc-circle-support” channel for those seeking answers to their questions.
What are your thoughts on Circle’s decision to bring USDC to Arbitrum? Share your thoughts and opinions about this subject in the comments section below.


Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle&#8217;s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchai...

news.bitcoin.com

USDC Goes L2: Circle’s Stablecoin to Make Its Native Debut on Arbitrum

Stablecoin issuer Circle announced launching USDC natively on Arbitrum on June 8th. The latest move will replace the currently circulating bridged version of the stablecoin that comes from Ethereum.
USDC Will Be Native to Arbitrum
A statement released by Circle said Arbitrum will be renaming the Ethereum-bridged version of USDC on block explorers as “USDC.e” ahead of the launch next week. The fintech firm also said there will be an outreach to ecosystem apps to make the same change in their app UI and documentation.
“USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem. Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.”
Circle underscored several benefits of the native USDC launch on the popular layer 2 network. As such, the upcoming support by Cross-Chain Transfer Protocol (CCTP) is likely to eliminate bridge withdrawal delays. An upgradeable smart contract for future improvements by the fintech firm, as well as the possibility for institutional on and off-ramps, are some of the other perks.
As for liquidity migration, Circle asserted that Arbitrum will collaborate with ecosystem apps to ensure a smooth transition of liquidity from bridged USDC to native USDC over time. During this period, the Arbitrum Bridge will not have any immediate changes, and it will continue to operate normally for bridging USDC to and from Ethereum.
Roadmap
Going forward, Circle expects to bring CCTP to Arbitrum after the launch of native USDC. The integration into the Arbitrum Bridge is expected to allow the stablecoin to move natively to-and-from Ethereum (and other supported chains) in minutes with no withdrawal delays.
The latest development comes a month after the USDC issuer announced the mainnet availability of Cross-Chain Transfer Protocol (CCTP) which will enable USDC to flow natively across by burning the stablecoin on a source chain and minting the same amount on a destination chain.
Circle also revealed its plans to expand CCTP to additional chains in the second half of 2023.
The post USDC Stablecoin to Be Launched Natively on Layer 2 Scaling Solution Arbitrum appeared first on CryptoPotato.

The company expects to bring CCTP to Arbitrum after the launch of native USDC to eliminate withdrawal delays.

Arbitrum price	$1.24
Low - High 24H	$1.22 - $1.25
Market cap	$1.58B
Volume 24H	$199.49M
All time high	$8.67 -85.74% March 23rd 2023
All time low	$1.06 17.04% May 8th 2023
Genesis date	N/A

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