Arbitrum’s Expansion Proposal Beyond Ethereum
The Arbitrum Foundation, renowned for its innovative Layer 2 solutions on the Ethereum network, is now considering a significant expansion. The proposal to extend its Orbit chains to networks beyond Ethereum is currently undergoing an initial vote on Snapshot, with results expected by August 1, 2024.
- Arbitrum’s Expansion Proposal: The Foundation is considering launching new Orbit chains on diverse networks like Bitcoin, Binance Smart Chain, and Cosmos in response to growing interest from projects outside Ethereum.
- Financial Model and Community Support: Orbit chains share 10% of profits with the Arbitrum ecosystem, and preliminary results show over 99% community support for deploying Orbit chains across various blockchains.
The Journey Beyond Ethereum
If approved, the proposal would allow new Orbit chains to launch on different blockchain networks, expanding opportunities for developers and users alike. The foundation aims to encourage more Orbit deployments by removing existing limitations.
Financial Model and Impact
Orbit chains follow a unique financial model by sharing profits with the Arbitrum ecosystem, benefiting the entire project. The proposal could also enhance the prevalence of the Ethereum Virtual Machine (EVM) and its upgraded version, Stylus (EVM+).
Market Outlook
Recent bullish momentum in the crypto markets has seen altcoins like Arbitrum (ARB) experience substantial rallies. Despite a recent drop, ARB remains promising, with analysts speculating potential growth following the launch of Ethereum ETFs.
As the community eagerly awaits the final vote results, the future of Arbitrum’s Orbit chains holds promise for redefining Layer 2 solutions and fostering collaboration across blockchain networks.
