10:35 GMT+3 / 02.06.2023

Bitfenix to Release ARB, a New Proprietary Arbitrum Token


Bitfinex, a modern digital token trading platform, announced today that it will be one of the first exchanges to host ARB, the new Arbitrum management token, a leading tier 2 Ethereum scaling solution.

Launched in 2021 by Offchain Labs, Arbitrum is a tier 2 blockchain designed to facilitate more transactions, prevent fraud and fraud, and reduce transaction costs. Arbitrum achieves this by using optimistic folding, a data compression algorithm that combines multiple transactions into a single transaction. Blockchain-based projects include Radiant, a decentralized financial protocol (DeFi) focused on allowing its customers to deposit and borrow seamlessly across multiple blockchains, and GMX, a decentralized exchange focused on perpetual contracts.

The release of ARB marks the official transition of Arbitrum to a decentralized autonomous organization (DAO). This means that holders of ARB management tokens will be able to vote on key decisions governing the Arbitrum Nova and One networks, which allow users to make transactions on Ethereum with higher speeds and lower fees.

"We are pleased to present the long-awaited ARB token," said Henry Child, head of the token department at Bitfinex. "Given how fast the Arbitrum ecosystem has grown with its emphasis on high speed and low costs, I'm sure our customers will be interested to see how the token performs in liquid public markets where it can realize its full valuation potential."

Offchain Labs' announcement of the ARB token followed its high-profile acquisition of Prysmatic Labs. As one of the core development teams behind last year's Ethereum merger, Prysmatic Labs is considered an important part for the expansion of the Arbitrum ecosystem in the future.

To access ARB on Bitfinex, visit https://www.bitfinex.com/.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a set of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, over-the-counter market and margin trading for a wide selection of digital tokens. Bitfinex's strategy focuses on providing unprecedented support, tools and innovations for experienced traders and liquidity providers around the world.

28 March 2023

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