The long-awaited Arbitrum token (ARB) made its market debut on Thursday, trading at $3.99 on Uniswap as volatility on decentralized exchanges surged.
Arbitrum, which began operations in 2021, is the largest layer 2 blockchain on Ethereum and achieves scalability by using a technology called transaction rollups, which sends batches of transactions to the Ethereum mainnet.
Arbitrum’s total value locked (TVL) is $2 billion, double that of rival Layer 2 chain Optimism.
Activity on Arbitrum has been increasing since November, when a report from Delphi Digital suggested that investors were interacting with the blockchain to increase their chances of receiving an airdrop.
Arbitrum-based decentralized exchange GMX became the largest single holder of ARB, receiving 8 million tokens in an airdrop, sparking discussions on the token’s use on the GMX governance forum.
Binance, the largest cryptocurrency exchange by trading volume, will list ARB at 17:00 UTC and launch perpetual futures about 15 minutes later.
