Arbitrum resumes its drive downward together with the broader market downturn investors are experiencing today. In response to the most recent market data, ARB is down nearly 14% since last week, putting more pressure on the bulls to slow the bearish tide.
Nonetheless, there are several developments on the platform that may affect investor perception in the long run. These recent deployments might make or break the early half of the month for investors and traders alike.
Related Reading
Multiple Projects Now Support Arbitrum
Metalend, a blockchain lending company, recently announced its support for Arbitrum on its native platform. This recent addition to the Arbitrum circle will further push users to the platform, leveraging Metalend’s already big following.
With Arbitrum’s growing position within the lending space of crypto, the platform might experience growth in that sector of the market. Nonetheless, they’re not the one ones to affix the fray.
MetaLend is worked up to announce that we now have launched support for @arbitrum!
You’ll be able to now go to https://t.co/xnBCsmSwdo to trace and trade (leveraging DEX aggregators) your @arbitrum portfolio.
You’ll be able to track multiple wallets in a single view and shortly you’ll have the option to submit limit…
— MetaLend – Manage All Your Wallets in One Place! (@MetaLend_DeFi) July 30, 2024
Blockscout announced its support for Arbitrum One, giving investors and traders access to an entire list of features for them to research on-chain data on Arbitrum. Features like in-depth block data, verified smart contracts, and full API access are a few of the things Arbitrum users may have access to for this reason.
The platform’s DAppScout feature can even help users filter dApps with low-security scores, improving user experience while giving them the power to maintain their funds protected from malicious actors.
ARB is currently trading at $0.63. Chart: TradingView
ArbOS 31 ‘Bianca’ To Bring More Devs On-Board
ArbOS 31 is a proposal that will expand Arbitrum’s position throughout the dev space. If it passes, several key features will probably be added like Stylus VM which is able to enable the Arbitrum chain to support more programming languages like Rust and C++.
To make it easy, Stylus VM will probably be utilized by devs to code on their language of experience quite than switching to Solidity, Arbitrum’s native coding language. This alteration will make smart contract deployment easier because it makes any smart contract written on the platform be compatible with existing Solidity-based smart contracts.
The proposal also covers the implementation of Passkeys, a password-less system of identification to guard user data and funds, and the Nova Fee Router which is able to make the gathering of fees on the Arbitrum DAO more efficient.
Arbitrum has also announced that voting for the proposal is now live.
A Long Time Recovery For ARB?
The market’s bearishness might proceed until middle of August, which poses a crucial query to ARB bulls: whether to try slowing the bears down now or attempt at a later date.
Related Reading
ARB’s current position will further endanger any potential of near future gains for investors and traders. With the market environment favoring the bears within the short to medium-term, more pain will probably be felt by investors and traders.
Investors should then wait for the proper opportunity, watching the movement of the broader market before making a call.
Featured image from Wired, chart from TradingView