On March 27th, the official Twitter account of Arbitrum, a leading Layer 2 solution on Ethereum, was unexpectedly suspended. However, the Arbitrum Foundation stated that Twitter mistakenly flagged the account and it was restored within a few hours.

According to a representative of the Arbitrum Foundation, Twitter’s support team explained in a statement that there were automated systems to find and remove spam accounts, and the Arbitrum account was mistakenly flagged as spam.

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But Togrhul Mahararramov, another notable Layer 2 solution developer at Scroll, criticized Twitter for not taking action to remove many of Arbitrum’s fraudulent accounts while suspending the legitimate official account.

Arbitrum launched its token on March 23 and carried out a large Airdrop for the community, with nearly 700,000 eligible wallets. As of the time of writing, ARB is trading at $1.1305, down over 11% in the past 24 hours according to data from TradingView.

ARB/USDT 1 hour-chart on Binance | Source: TradingView

This incident highlights the challenges and risks of automated moderation systems that social media platforms use to detect and remove spam and malicious accounts. While these systems are necessary to keep the platform safe and secure, they can also make mistakes and cause unintended consequences.

Twitter has yet to comment on the incident, but the Arbitrum Foundation has assured its community that the situation has been resolved and that the account is back in operation. However, the incident raises questions about the vulnerability of social media platforms to malicious actors and the potential impact on the cryptocurrency market.

#Arbitrum #ARBITRUM #ARB #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

High Scalability: Arbitrum uses Optimistic Rollups, which are a layer 2 scaling technique that bundles multiple transactions into a single batch and then posts them to the Ethereum blockchain. This significantly increases the throughput of the network and allows it to process many more transactions per second than the Ethereum mainnet.

Low Fees: Arbitrum is known for its low transaction fees, which are often significantly lower than those on the Ethereum mainnet. This is because the network is able to bundle multiple transactions into a single batch, reducing the gas fees required for each individual transaction.

Fast Confirmation Times: Arbitrum is able to confirm transactions much faster than the Ethereum mainnet, with confirmation times often being just a few seconds. This is due to the use of Optimistic Rollups, which allow the network to process transactions more quickly.

Easy to Use: Arbitrum is designed to be easy to use for both developers and end-users. It uses the same programming languages and tools as Ethereum, which means that developers can easily port their existing applications to the Arbitrum network.

Growing Ecosystem: Arbitrum has a growing ecosystem of projects and applications being built on top of its network. This includes decentralized exchanges, NFT marketplaces, and gaming platforms, among others. This growing ecosystem is attracting more users to the network, which is contributing to its rapid growth and adoption.

Ethereum (ETH) has been the talk of the town lately, especially when it comes to Layer 2 protocols like Optimism (OP) and Arbitrum (ARB) residing on it. While both protocols have been making waves in the crypto ecosystem, new data from Messari shows that Arbitrum is outpacing Optimism in key metrics.

The reason behind this is that new protocols are known to be a major creator of wealth that serves as an attractive offering to members of their community. Messari noted that new tokens can be issued through which many early participants get to benefit at the time of launch. In particular, Arbitrum's native applications recorded higher retention rates than those of Optimism, and it surpassed Optimism in terms of the ecosystem benchmark as well as network application coverage.

Arbitrum released its airdrop for the ARB last week, giving many early backers and testnet users free tokens that were later sold for cash on exchanges that have listed the token since it went live. This move helped to attract more users to the network and contributed to its rapid growth and adoption.

As a Layer 2 protocol, Arbitrum aims to bring immense scalability solutions to Ethereum using optimistic rollups technology. Arbitrum has been building its ecosystem for a while and has recorded significant milestones in terms of broader adoption. For instance, the Shiba Inu meme coin version on Arbitrum, dubbed ArbInu, has been recording massive buying momentum in what appears to be significant momentum compared to the bigger meme coin.

Despite the positive updates, Arbitrum has also faced some challenges. Recently, cybercriminals compromised its Discord server, resulting in a shift in its network and community stability. Nonetheless, Arbitrum is still the new sensation, bringing the fight directly to other competing L2s on Ethereum.

#ARB #ARBITRUM #ETH #Ethereum #BTC

The meme token on Arbitrum, ArbInu, showed unusual price action today when its quotations spiked by more than 23% in literally one minute. Thus, the ArbInu price rose from $0.0048 to $0.06 per token, almost absorbing all of the declines that occurred last Friday.

The on-chain data, which can be tracked by Arbiscan, did not show any serious activity at that time. The clue to the anomaly, however, was found in the trading volumes of Bitget, a large crypto exchange.

Order book imbalance

According to the ArbInu chart on Bitget, a volume of 2.3 million tokens went through the order book when the price surged. By comparison, that is about 46 times the normal minute volume of ArbInu on Bitget.

Apparently someone decided to buy a large number of ArbInu tokens, with an amount not even exceeding $10,000 and because the thinness of the order book on the exchange drew a minute candle at 23%. This is despite Bitget being one of the largest liquidity providers for ArbInu.

Nevertheless, whoever that surprise ArbInu buyer was, the deal can hardly be called a success, given that the price of the meme token has already fallen by 30% since that peak.

#ARBITRUM #ARB #crypto2023 #cryptotrading #crypto