Ethereum Layer 2 Solution Offchain Labs, a research and development team of Arbitrum, announced that Arbitrum has launched a strategic purchase plan to add the local Altcoin project to its treasury assets. The company plans to purchase ARB through open market and other transactions over time based on predetermined parameters.
Altcoin ARB will now be at Offchain Labs portfolio
According to Offchain Labs, this purchasing process will be gradually carried out instead of a one -time transaction. However, the company did not share clear information about how many ARB tokens aimed to buy. The plan was implemented to support the expansion of the ecosystem, while this move was aimed at promoting Arbitrum’s technical innovations and strategic initiatives.
Offchain Labs is conducting various projects supported by Arbitrum DAO and contributing to the growth of the ecosystem. The company continued to support technological developments such as Arbitrum Bold, Orbit and Stylus, while the ARB purchasing plan is part of this process.
What is my arbitrum?
Arbitrum is positioned as one of the largest Layer 2 solutions on Ethereum and is currently over $ 2.3 billion. The Arbitrum One Network performs operations out of the chain by using Optimism Rollup Technology to increase Ethereum’s scalability, and then sends collective proofs to Ethereum main network and reduces costs and increases transaction speeds.
The price of the ARB token has declined significantly in the last year. According to market price data, ARB is currently trading at $ 0.32. This means a decrease of 86 %compared to the $ 2.39 peak in January 2024. In addition, since the beginning of the year, ARB price decreased by 54 %.
The total supply of the ARB token is determined as 10 billion, which provides a full diluted valuation of $ 3.2 billion. The circulating supply of the token is 2.9 billion in the mid -2024, while it reached 4.4 billion due to the currently planned key openings. ARB’s price dynamics are largely affected by this increase in supply. While Offchain Labs aims to support the future growth of the ecosystem, the market continues to be a matter of curiosity how the market will evaluate the tokens supply and demand dynamics.
