Arbitrum, a platform renowned for enhancing Ethereum’s scalability, has seen a significant uptick in its market value. With the current price of $1.344, Arbitrum has seen a notable 19% price value increase over the last 24 hours.
This has resulted in a substantial 19.42% uptrend over the past week. Of course, solidifying its position with a remarkable $1.71 billion market capitalization.
Notably, the positive momentum is coming on the heels of an incident on December 15th. This was when the Arbitrum One Sequencer experienced downtime. Which resulted in causing disruptions in regular traffic and downstream issues related to gas pricing.
Swiftly addressing the situation, the Offchain Labs team, which represents the Arbitrum Foundation, conducted a thorough investigation and resolution. Then, with the incident resolved, the Arbitrum network has now successfully regained its bullish momentum.
Thank you, Arbitrum community, for your patience and understanding during the outage on Dec 15, 2023. We recognize the impact on users with disruption in processing transactions and increased gas fees.
An investigation was conducted 👇https://t.co/THWmglxLvA
🧵— Arbitrum (💙,🧡) (@arbitrum) December 21, 2023
Progressively, the recent reports indicate that the Total Value Locked (TVL) in Arbitrum has now started to climb shortly after the approval of the incentive program. Thereby, indicating anticipation of higher yields from stakers and holders. As expected, the distribution has further fueled accelerated growth, leading to a substantial 25% increase in Arbitrum’s TVL.
The total value locked (TVL) in Arbitrum began increasing shortly after the approval of the incentive program, likely in anticipation of higher yields. As the distribution began the growth has continued to accelerate, leading to Arbitrum’s TVL growing by 25%. @intotheblock pic.twitter.com/3Yl6xX9423
— Imaobong Akpabio (@champagne_love3) December 19, 2023
Additionally, Arbitrum’s strategic collaboration with NEAR Protocol, focusing on incorporating NEAR Data Availability (DA), is believed to have played a role in the positive price momentum. Notably, this integration, empowering developers with advanced tools and capabilities, holds the potential to reshape the landscape of Ethereum Rollups.
Finally, the recent developments underscore Arbitrum’s resilience in overcoming challenges and its ability to attract positive attention through strategic partnerships. Then, through incentive programs, contributing to its upward trajectory in the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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