Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network

Coinbase, the largest cryptocurrency exchange in the United States, has announced its plans to support Arbitrum’s upcoming token, ARB, by listing it for trading on the platform. While revealing its intentions to support the ERC-20 token, Coinbase issued a warning to users not to send ARB to networks other than Ethereum, as they could risk losing their tokens. The exchange also highlighted that ARB trading on the platform would only be available for select jurisdictions. To inform users about the new addition, ARB will feature an “experimental” label on the US-based exchange.

The US-based exchange also added that it will start trading ARB once adequate supply and liquidity conditions are met. Trading is scheduled to commence shortly after the March 23 airdrop. The Arbitrum community, which has been eagerly anticipating the launch of ARB after a long wait, was excited by the news. The community comprises network users who will receive 56% of the token’s circulating supply to incentivize their engagement with the platform.

Ahead of the ARB token launch, the first 1000 customers to buy ARB on PancakeSwap will receive a 99% discount. Coinbase has also notified users that interventions are underway to solve possible delays when depositing on the Arbitrum network. Further, Binance also confirmed plans to list Arbitrum (ARB) and has provisionally scheduled its open trading for these spot trading pairs beginning March 23 at 1700 UTC.

Arbitrum is a Layer 2 protocol that enables the development of decentralized applications with high throughput and low fees. It is a fast, scalable, and secure smart contract platform that runs on Ethereum. The protocol aims to enhance the Ethereum ecosystem and encourage the creation of more decentralized applications by providing developers with an easy and cost-effective way to build dApps that are fast and secure.

The ARB token powers the Arbitrum platform, and it is used for network upgrades, paying arbiters, and staking. Arbitrum aims to be a leading provider of optimistic rollup technology, which allows Ethereum to scale its operations in terms of speed and cost-effectiveness. The protocol uses the rollup technology to bundle transactions together, reducing the congestion on the Ethereum network and making the network faster and more effective.

The potential of Arbitrum’s platform has attracted significant investor interest, with notable investors such as Sequoia Capital, Ribbit Capital, and Redpoint Ventures backing the project. The project has also received support from some of the leading developers in the space, such as Chainlink and Uniswap.

Overall, Coinbase’s decision to list the ARB token is a significant development for the Arbitrum community and project. The listing will provide a wider audience for the token, enhance its liquidity, and raise the profile of the platform. The experimental label placed on the token is an indicator of its newness on the market, but its potential and impact on the Ethereum ecosystem cannot be overlooked. With the upcoming launch of the ARB token, the Arbitrum community is poised to take the next step towards realizing the project’s objectives.


Related Posts