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Highlights
- Crypto enthusiasts could be looking for Arbitrum crypto due to a major announcement.
- The NFT drop event is called Arbitrum Odyssey.
- Arbitrum holds one of the top spots among L2 platforms on Ethereum.
The Ethereum blockchain scaling solution, known as Arbitrum, is widely known in the cryptocurrency community. The layer 2 (L2) scaling solution is intended to increase the functionality of Ethereum's smart contracts. On June 22, it appeared that crypto enthusiasts were looking for Arbitrum crypto as a major development was associated with it.
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Crypto enthusiasts could be looking for Arbitrum crypto as it launched one of the largest non-fungible tokens (NFT) drops ever on June 21. The Ethereum scaling solution announced that the event would span two months and encourage users to use various on-chain Arbitrum platforms to accomplish multiple objectives.
In the crypto realm, getting free NFTs always attracts traction. Rubic, a multi-chain swap protocol offering alluring terms to users, is one of the bridges in this effort.
What is Arbitrum?
It is an L2 scaling solution that promises to increase Ethereum's transactional throughput while lowering transaction fees. Arbitrum holds one of the top spots among L2 platforms on Ethereum and has over 260 decentralized applications deployed. Meanwhile, the scaling solution reportedly has more than US$ 2 billion in Total Value Locked (TVL).
The NFT drop event is called Arbitrum Odyssey, and at the end of the eight-week-long event, users will receive special NFTs as a reward for completing this voyage, which they can then use to distribute more airdrops.
The bridges, exchanges, and on-ramps projects that are a part of this effort are the focus of each of the eight weeks. To receive rewards, users must accomplish certain tasks on the blockchain. They will have to perform a swap on one platform, offer liquidity on another, and so forth.
Interested people must note that Rubic is participating in the event's first week. Anyone can participate in this event using the Rubic exchange to convert any token to ETH using the Arbitrum blockchain.
Bottom line
Despite the hype around the event, potential investors must note that Arbitrum crypto does not exist and is just an L2 scaling solution.
Meanwhile, the crypto market continues to suffer due to increased volatility in 2022. After showing some signs of recovery over the last few days, the valuation of the crypto market dipped on Wednesday by 3.8 per cent at the time of writing.
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