Web3 Technology Infrastructure: All About Orbitrum and Its Offerings

On April 13th, in the main venue of the “2023 Hong Kong Web3 Carnival” titled “Web3 Technology Infrastructure: Layer 2 Layer 2 Network”, Steven Goldfelder, co-founder and CEO of Orbitrum, introduced its network data, ecology, Orbitrum Nova, and Orbitrum. Steven Goldfelder stated that in the past year, the development of Arbitrum has been very rapid. Currently, the Arbitrum ecosystem has about $6 billion in TVL, accounting for 65% of the market share in the second tier. Currently, 1 million ETHs are locked in the bridge, and the ecological DApp is also thriving. Arbitrum Nova is more suitable for games, social projects, and some DApps with high throughput and performance requirements. The Arbitrum Orbit allows for the construction of its own blockchain using the security of the technology stack and Ethereum, with advantages such as privacy, security, and high performance. I hope to work with developers, users, and community members to promote the development of Arbitrum.

Arbitrum Co founder and CEO: Currently, Arbitrum holds approximately 65% of the L2 market share

On April 13th, 2023, the “2023 Hong Kong Web3 Carnival” was held, and one of its main events was the presentation on “Web3 Technology Infrastructure: Layer 2 Layer 2 Network.” Presented by Steven Goldfelder, co-founder and CEO of Orbitrum, the discussion revolved around the network data, ecology, Orbitrum Nova, and Orbitrum itself. In the past year, Orbitrum has experienced rapid development, and it’s now positioned as a major player in the second-tier market, with a total value locked (TVL) of $6 billion, accounting for 65% of the market share.

The Emergence of Orbitrum

Orbitrum is a layer-two scaling solution that offers faster, more affordable, and scalable features to the Ethereum network. It offers solutions to the drawbacks of the Ethereum network, including congestion, high gas fees, and slow transaction speeds. Moreover, it accepts decentralized applications (dApps) and smart contracts written in Ethereum’s own programming language, meaning that it offers near-native functionality compared to the Ethereum network.

Introducing Orbitrum Nova

Orbitrum Nova is a scaling solution that focuses on providing high throughput and performance solutions, making it more suitable for gaming, social projects, and other dApps that have high throughput and performance requirements. The protocol works by providing an optimistic rollup that ensures transactions are processed on an off-chain network before being posted on the Ethereum main-chain. This approach ensures faster transactional speeds, reduces congestion and network fees, and limits centralization.

The Benefits of Using Arbitrum

The Arbitrum network offers different benefits, including privacy, security, and high performance. Developers have the option of constructing their blockchain using technology stack and Ethereum’s security, which ensures its security and performance capabilities. Also, its unique privacy-enhancing techniques ensure that transactional information is well-secured, and user data remains private.

Orbitrum’s Impact on the Cryptocurrency Market

Since its launch, Orbitrum has dominated the second-tier market, accounting for 65% of the market share. The protocol has a total value locked of $6 billion, making it one of the most valuable assets in the market today. Also, over one million ETHs have been locked in the bridge, indicating that the protocol is gaining steady adoption by developers and users alike.

The Future of Orbitrum

Orbitrum has endeavored to create an ecosystem that fosters greater developer engagement, user growth, and community involvement. The protocol hopes to work with developers, users, and community members to promote the development of Arbitrum, further cementing its place as a major player in the second-tier scaling solutions market.

Conclusion

Orbitrum has become a major player in the cryptocurrency market, offering fast, scalable, and more affordable solutions to the problems in the Ethereum network. The network has dominated the market, with a total value locked of $6 billion, accounting for 65% of the market share in the second-tier market. Orbitrum Nova offers fast transaction speeds, reduces congestion and network fees, and ensures limitation of centralization, making it more attractive to dApps and developers with high-performance requirements. Orbitrum’s future is promising, and its continued growth could shape the cryptocurrency market in the years to come.

FAQs

Q: What is Orbitrum?
A: Orbitrum is a layer-two scaling solution that provides faster, affordable, and scalable features to the Ethereum network.
Q: What is Orbitrum Nova?
A: Orbitrum Nova is a scaling solution that focuses on providing high throughput and performance solutions, making it more suitable for gaming, social projects, and other dApps that have high throughput and performance requirements.
Q: How has Orbitrum impacted the cryptocurrency market?
A: Orbitrum has dominated the market, with a total value locked of $6 billion, accounting for 65% of the market share in the second-tier market, and over one million ETHs locked in the bridge, indicating steady adoption by developers and users alike.