Arbitrum resumes its drive downward along with the broader market downturn investors are experiencing today. According to the latest market data, ARB is down nearly 14% since last week, putting more pressure on the bulls to slow the bearish tide. 

However, there are several developments on the platform that might affect investor perception in the long term. These new deployments might make or break the early half of the month for investors and traders alike. 

Multiple Projects Now Support Arbitrum

Metalend, a blockchain lending company, recently announced its support for Arbitrum on its native platform. This new addition to the Arbitrum circle will further push users to the platform, leveraging Metalend’s already big following. 

With Arbitrum’s growing position in the lending space of crypto, the platform might experience growth in that sector of the market. However, they’re not the only ones to join the fray. 

MetaLend is excited to announce that we have launched support for @arbitrum!

You can now go to https://t.co/xnBCsmSwdo to track and trade (leveraging DEX aggregators) your @arbitrum portfolio.

You can track multiple wallets in one view and soon you will be able to submit limit…

— MetaLend – Manage All Your Wallets in One Place! (@MetaLend_DeFi) July 30, 2024

Blockscout announced its support for Arbitrum One, giving investors and traders access to a whole list of features for them to analyze on-chain data on Arbitrum. Features like in-depth block data, verified smart contracts, and full API access are some of the things Arbitrum users will have access to because of this. 

The platform’s DAppScout feature will also help users filter dApps with low-security scores, improving user experience while giving them the ability to keep their funds safe from malicious actors. 

ArbOS 31 ‘Bianca’ To Bring More Devs On-Board

ArbOS 31 is a proposal that would expand Arbitrum’s position within the dev space. If it passes, several key features will be added like Stylus VM which will enable the Arbitrum chain to support more programming languages like Rust and C++. 

To make it simple, Stylus VM will be used by devs to code on their language of expertise rather than switching to Solidity, Arbitrum’s native coding language. This change will make smart contract deployment easier as it makes any smart contract written on the platform be compatible with existing Solidity-based smart contracts. 

The proposal also covers the implementation of Passkeys, a password-less system of identification to protect user data and funds, and the Nova Fee Router which will make the collection of fees on the Arbitrum DAO more efficient. 

Arbitrum has also announced that voting for the proposal is now live. 

A Long Time Recovery For ARB?

The market’s bearishness might continue until middle of August, which poses an important question to ARB bulls: whether to attempt slowing the bears down now or attempt at a later date.

ARB’s current position will further endanger any potential of near future gains for investors and traders. With the market environment favoring the bears in the short to medium-term, more pain will be felt by investors and traders. 

Investors should then wait for the perfect opportunity, watching the movement of the broader market before making a decision. 

Featured image from Wired, chart from TradingView

Source: NewsBTC.com

The post ARB Market Plummets 14%, But New Developments Could Reverse The Trend appeared first on Crypto Breaking News.

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Filed under: News - @ August 2, 2024 9:30 pm