In-depth analysis of Arbitrum prosperity ecology

23-03-27 17:21
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Messari: An In-depth Analysis of Arbitrum's Prosperous Ecology
Original source: Foresight News


近几个月来,Arbitrum 凭借其创新技术和强大的社区驱动生态系统而成为顶级的以太坊扩容解决方案。现在,备受期待的 $ARB Token 空投为该网络带来了一个在其早期成功的基础上进一步发展的机会。本报告提供了你所需要知道的有关 Arbitrum 的一切,包括其生态系统分析及其在以太坊扩容解决方案竞争中的定位。


Arbitrum Network overview


Arbitrum is a Tier 2 (L2) Ethereum extension solution with two general-purpose optimistic rolluups. Arbitrum One is the flagship rollup, driving much of the adoption in the ecosystem, while Arbitrum Nova is a newer rollup built for high throughput applications.


Launched in late August 2021, Arbitrum One has become the leading Ethereum rollup in terms of daily active addresses, daily transactions, and cumulative contract deployment. In addition, its Bridge contracts hold about 1 million ETH, making it the seventh largest ETH holder of Ethereum contracts.



Arbitrum One adopted Arbitrum's Nitro technology stack in late August 2022. Instead of relying on a custom Arbitrum virtual machine for low-level code assembly, Nitro uses WebAssembly (Wasm). This change allows rollup to use Go Ethereum's EVM implementation directly, and corresponds to lower fees, better Ethereum compatibility, and greater simplicity.


At the time of launch, Arbitrum One had experienced a period of slow growth before recently becoming today's leading Ethereum scaling solution. Its best growth is seen in its relative share of total value lock-in (TVL) in smart contract platforms (excluding Ethereum).



Arbitrum's TVL has increased 131 percent in the last 180 days, causing its TVL market share to jump from 3.6 percent to 8.4 percent in the competing non-Ethereum smart contract ecosystem. This growth is more than four times that of its next fastest growing competitor, Optimism, which increased its share of the non-Ethereum TVL market by 1.1%.


从历史上看,相互竞争的智能合约网络(包括 L1 和 L2)都使用其原生 Token 来资助有针对性的激励活动并直接刺激用户活动。Arbitrum 采取了一种略有不同的方法。Offchain Labs(Arbitrum 的母公司)并没有在一开始就明确推出 Token ,而是保守秘密,并发起了暗示未来追溯空投的用户获取活动。上周 Offchain Labs 宣布了 Arbitrum Token 发布的细节,这一点得到了证实。


综合考虑,Arbitrum 的增长战略已被证明比其同行更具成本效益。尽管 Optimism、Polygon 和 Avalanche 等竞争生态系统分发了价值数百万美元的激励措施来吸引新用户,但 Arbitrum 避免了这些成本。相反,它吸引了早期采用者,只是模糊地暗示了网络所有权的潜在份额。在 $ARB Token 推出后,这些早期采用者是否会继续坚持下去,将是未来需要监控的最重要趋势之一。


随着 Arbitrum 最大的谜团终于揭开,Arbitrum 现在进入了其生命周期的下一阶段。在 Token 发布之后,注意力正在转移到 Arbitrum 蓬勃发展的应用程序生态系统及其与竞争性以太坊扩展解决方案竞争的计划。


Application ecosystem



Arbitrum's app ecosystem can be divided into two broad categories: DeFi and consumer apps. Projects built into these ecosystems have adopted Arbitrum for the sticky user base and strong security guarantees inherited from Ethereum.


DeFi



The DeFi ecosystem already has plenty of competition and is based on its DEX, lending and perpetual contracts. These areas have experienced significant growth in the last year and provide the foundation for building a second tier of DeFi applications.


DEX


In the first few months of 2023, DEX activity on Arbitrum surpassed Polygon, making Arbitrum the most traded DEX field outside of Taifang. More and more protocols look and feel similar to the familiar DEX activity on Ethereum L1. During the first year of Arbitrum One's main network online, Uniswap, SushiSwap, Curve, and Balancer accounted for almost all Arbitrum DEX activity, with average transaction volume and user share remaining above 90%. But as Arbitrum's DeFi ecosystem matures by the end of 2022, new deals are starting to eat into the market share of these incumbents. Over the past few months, the four agreements have seen their share of total transaction volume fall to 80 percent and their share of daily users fall to 70 percent.



Similar to other EVM smart contract networks, forking Uniswap projects such as Sharkyswap and Arbswap gained popularity. Competition also intensified when Solidly forks such as 3xcalibur, SolidLizard, and Sterling Finance introduced the ve(3,3) mechanism into Arbitrum. However, arguably the most prominent emerging challenger for Uniswap and the company is Camelot, which accounted for 10.6% of Challenger DEX trading volume over the past 30 days.


As with other DEX, each pool deployed on Camelot can be configured with custom fee parameters. Camelot takes customization a step further by enabling dynamic, targeted buying and selling costs for each asset in the pool. For example, the USDC-WETH pool could charge 0.04% for transactions that purchase WETH from the pool, but only 0.02% for transactions that sell WETH into the pool. This orientation allows the pool deployer to fine-tune the incentive structure of a given pair. Moreover, these expense levers are dynamic. This allows the fee structure to change depending on factors such as market conditions.


The second defining feature of Camelot is its startup board. The service provides new projects with the infrastructure needed to raise funds from community members and channel liquidity. Following the successful financing of projects such as Perpy, Factor, and Arbitrove, the community of Arbitrum DeFi adopted the term Camelot as rollup's native "community" DEX.


Camelot's strategy is to create a secure and scalable platform that will support a wide range of crypto assets and provide users with fast and efficient liquidity access. By doing so, Camelot is positioning itself as the preferred destination for long-tail transactions in crypto assets on Arbitrum.


Even as newer agreements put pressure on incumbents in Arbitrum's DEX division, the pool-level data still highlights Uniswap's dominance. Of the top 10 Arbitrum DEX pools by trading volume, six belong to Uniswap. Even without providing incentives to its pools, Uniswap's pools are able to deliver significantly higher yields to liquidity providers, thanks to the agreement's market-leading volumes. Uniswap's strength in transaction volume stems from its brand awareness and deeply concentrated liquidity structure.


As Arbitrum's DEX continues to mature, we can expect stablecoin to play a greater role in trading activities. Re-examining the data above for Arbitrum's top DEX, only one stablecoin pair is registered in the top 10 pools by volume. That pales in comparison to Ethereum, where four of the top 10 DEX pools are stablecoin pairs.


We can already see the tide beginning to turn. Since Ethereum's stablecoin market cap peaked in February 2022, Arbitrum has seen a year of slow stablecoin growth, then a sharp increase in early 2023.


As more stablecoins enter Arbitrum, DEX that offer a centralized liquidity pool, such as Uniswap, Curve, and Camelot, will succeed because of their ability to offer extremely low slip point deals. As these high-volume, low-slip coin pair pools gain more attention on Arbitrum, Uniswap may also launch its 0.01 per cent fee rating to win transaction volumes in this growing segment.


Competition may be heating up, but challenging DEX will need to find more creative ways to compete with the market leaders if it is to continue gaining market share. Novelty and incentives can create short-term wins, but Ethereum's history tells us that pricing power is a major factor in DEX's long-term success.


loan


Radiant


Much of the story in Arbitrum's lending world can be told through a single agreement. Radiant is built on LayerZero and is designed to operate as an "omnichain" lending protocol. This means that it uses a unified pool of debt across multiple chains so that users can deposit collateral in one chain and take a borrowing position in another. However, Radiant has yet to deploy to other chains since its launch on Arbitrum in late July 2022.


Radiant now accounts for 56 percent of Arbitrum's loan TVLS, with its closest competitor Aave V3 accounting for 27 percent of the industry's TVLS. A closer look at the deal shows that the growth is anything but organic, thanks to a raft of RDNT incentives.


Radiant not only encourages users to borrow on the platform, it also offers a one-click 'loop and lock' feature that allows users to redeposit borrowed assets as collateral and then borrow again from the agreement. You can do this loop up to five times. The longer a user chooses to lock in the collateral, the more RDNT rewards they receive during the lock. After factoring in RDNT rewards, users get a good deal when they borrow from the agreement, despite a double-digit APR on the base borrowing costs.


This has proved to be a very successful growth strategy for Radiant. In neutral markets, lock-in and cycle strategies are relatively safe for users to deposit and borrow stablecoins due to their low volatility. ETH and WBTC have also become attractive deposit strategies in appreciating markets - as the prices of these collateralized assets rise, depositors can borrow more value and qualify for more RDNT rewards. Moreover, the bullish risk appetite correlates with the higher dollar value of RDNT. Since the beginning of 2023, RDNT prices have risen 1,075%, making the incentive even more attractive.


It is good to understand the dynamics here when assessing the outstanding loan-to-TVL ratio of industry-wide agreements. Radiant's ratio of 2.5 over the past 30 days is nearly five times the industry average of 0.51. It is important to note that circular borrowing does not double count in the TVL measures of any of these agreements, making it possible for the Radiant ratio to be greater than 1. If we assume Radiant is in line with the industry average without incentives, this means that about 80% of Radiant's borrowing is driven by a lot of incentives.


Radiant 备受期待的 V2 升级在上周末上线。V2 将 RDNT 排放的跑道从两年延长到五年,同时还修改了从协议中获得 RDNT 所需的行为。具体来说,V2 引入的一个重要变化是一种机制,在向 RDNT/ETH LP 池提供流动性之前,将循环的 ETH 借入并将一部分转换为 RDNT。这有效地对 RDNT Token 造成了新的购买压力,同时锁定的用户获得了 RDNT 奖励。值得监控的是,这种机制是否会抵消更高的障碍,从而在 V2 中获得更小的 RDNT 奖励池。总而言之,Radiant 存款基础的可持续性可能会在未来几个月内受到考验。


Other lending competitors


如果我们从等式中删除 Radiant,自 2022 年 6 月 1 日以来,Aave V3 在 Arbitrum 上的 TVL 份额从 30% 增加到 60%。与 Radiant 不同,这种增长是自然发生的,没有使用 AAVE Token 来激励活动。展望未来,Aave V3 将成为 Radiant 的有力竞争者,专注于通过其门户网站功能进行跨链借贷的全链借贷。Connext、deBridge、Hashflow 和 Wormhole 已被列入白名单,作为批准的桥接提供商以支持门户功能。


在 Arbitrum 的货币市场协议之外,Vesta Finance 是 Rollup 领先的抵押债务头寸 (CDP) 协议。Vesta 是 Liquity 协议的一个分支,允许其用户针对一篮子抵押资产铸造 VST 稳定币。虽然 GMX 和 GLP 等流行资产支持抵押品类型,但 Vesta 的 1700 万美元 TVL 中的 65% 目前由 gOHM 组成,gOHM 是 Olympus 协议的治理 Token 。正如 MakerDAO 在以太坊借贷市场的成功所证明的那样,Vesta 在 Arbitrum 中有扩大其影响力的空间。Vesta 的未来增长将取决于其将 TVL 基础多样化到 gOHM 之外的能力,并通过外部集成推动对 VST 稳定币的需求。


Perpetual contract


Early attempts to introduce derivatives into DeFi focused on recreating the order book model popularized by centralised trading platforms. However, due to high gas costs, delay issues, and generally high complexity, the DeFi project has not yet successfully implemented a perpetual derivatives platform with a full on-chain order book. This creates an opportunity for projects to experiment with alternative models for trading synthetic perpetual contracts.


Hybrid models that combine automated market makers and order book-based trading platforms have become increasingly popular among DeFi users in recent years. The growth of these hybrid permanent platforms in Arbitrum is arguably the most important factor promoting the early adoption of the network. The Perpetual contract, with its $565 million TVL, is the largest part of the Arbitrum DeFi ecosystem. In this area, one agreement accounts for more than 80% of all TVLS:GMX.


GMX作为 2021 年 8 月在 Arbitrum One 上线的首批应用之一,GMX 已经确立了 Arbitrum DeFi 的王者地位。这一成功的关键是 GMX 的双 Token 模型:协议收入的 30% 分配给 GMX(协议的治理 Token )的利益相关者,70% 分配给 GLP(平台的汇集流动性 Token )的利益相关者。这些机制导致了围绕协议构建的整个项目生态系统,为其系统带来更大的流动性并提供切线服务。


Yield and options vault


Users can take advantage of the platform fees generated by GMX without incurring the risk of asset indices contained in GLPS by depositing income or option vaults constructed by external agreements. GMD, Neutra Finance, and Umami are products that use the liquidity of GMX to run delta neutral strategies and pass on cumulative gains to USDC, WBTC, or ETH depositors. Jones DAO took this strategy a step further by borrowing USdcs and depositing them in GLPS, thereby creating a leveraged exposure to GLP yields.

Lending platform


The popularity of GMX has led to multiple lending agreements that integrate GMX and GLP as collateral for users seeking to leverage these assets. Vesta users can mint VST stablecoins against GLPS, while Tender Finance allows users to borrow any kind of asset from the agreed money market.


Social transaction


As more traders migrate to decentralized trading platforms, the space for designing to leverage the social elements of trading is expanding. STFX and Perpy Finance are two projects that build platforms to connect successful traders with documentary traders. Traders create public coffers in exchange for fees paid by documentary traders. On the back end, vault deposits and transactions are routed through GMX.


In summary, the number of projects built on top of GMX helps strengthen the platform's competitive position by increasing liquidity and volume. However, as competition for liquidity intensifies at the platform level, it is likely that these applications will also integrate with GMX's competitors. If these applications also become major users of the permanent platform, the competitive dynamics will depend on which applications generate the highest and most consistent revenue.


Relevant data


GMX may be the first perpetual contract platform to list on Arbitrum, but new entrants have started to take market share in recent months. These competitors all use a hybrid AMM order book model similar to GMX, but offer traders a wider range of markets. GMX is conservative in this regard for only four markets: BTC/USD, ETH/USD, UNI/USD and LINK/USD. Up-and-coming competitors have been quick to offer alternative markets, such as forex, equities, commodities and a broader basket of cryptocurrencies.


Two protocols that stand out from a growing number of competing platforms are Vela Exchange and Gains Network. Together, these agreements accounted for 46% of the 30-day average volume of perpetual contracts and 11% of TVL. While these competitors are eating into GMX's share of transaction volume (51 percent), GMX still maintains a strong edge in TVL, with 83 percent of the industry. This dynamic means that liquidity providers in Vela and Gains are exposed to a greater share of the agreed volume per unit of liquidity. Nonetheless, their profitability ultimately depends on how much of the trading volume they capture in the form of agreement fees.



In terms of valuation, GMX provides an industry benchmark against which new competitors can be compared. Only Vela has a lower multiple than GMX on a 30-day average market-to-expense basis. This suggests that the market is underestimating Vela's ability to generate fees relative to its competitors. It should be noted, however, that both GMX and Gains are deployed on additional networks, which means they have a lower overall rate when considering expenses incurred outside of Arbitrum.



It's worth noting that Arbitrum's perpetuity platform also seems to cater to a different audience of deals. Based on average trading volume per daily active user, Gains appears to serve larger traders, while Cap and Rage Trade support smaller traders. Similarly, as the number of structured products built on top of these permanent platforms increases, thereby creating a layer of abstraction between users and platforms, platforms will need to understand their user base as there is less and less direct connection between users and platforms.


Options and other structured products


option


Option agreements provide DeFi users with another way to gain leverage or hedge their exposure to targeted market volatility. But while options are entrenched in traditional finance as one of the most popular derivatives, they have yet to take off up the chain. This is mainly due to the high transaction costs of Ethereum L1 and the knowledge barriers required to consistently profit from options strategies.

As one of the first Arbitrum protocols to be deployed on Arbitrum, Dopex initially became one of the most popular Arbitrum protocols in early 2022 by offering a one-click option pool. It benefits from a strong community and a commitment to making the options market as simple as possible for users. Despite this appeal, Dopex failed to retain its early adopter base and dragged down retention scores across the options industry.



Even with a decline in retention compared to other industries, Arbitrum has the largest option agreement of any chain. Nearly half of the $150 million locked up in the options agreement was deposited with Arbitrum. In addition, four of the top five options agreements in DeFi have the largest deployments on Arbitrum. Lyra's recent online growth further highlights the preference for Arbitrum as an emerging hub for options agreements.


Lyra upgraded Newport in January to enable it to use perpetual contracts as collateral and delta hedges. Shortly after the upgrade, Lyra deployed on Arbitrum for GMX liquidity. This led to a rapid increase in TVL and volume, exceeding Lyra's Optimism within a few weeks.


So while options are not the preferred leverage tool for crypto users, if the industry does grow to meet its relevance to traditional finance, Arbitrum is likely to see most of the growth given the ecosystem's current options agreement market share.


Other structured products


Pendle 是一种利率衍生品协议,将产生收益的 Token 分离为本金和收益部分;本金 Token 相当于零息债券,而收益 Token 相当于息票支付。一旦拆分,这些 Token 就可以在 Pendle 的原生 V2 AMM 上进行交易,以便用户可以对冲可变利率风险。自推出 V2 以来,Pendle 的 TVL 从 600 万美元增长了 560% 至 4100 万美元,而其市值从 380 万美元增长了 1,000% 至 3800 万美元。


There is a huge potential market for interest rate agreements like Pendle's - the traditional interest rate derivatives market is worth more than $400 trillion in nominal terms. However, similar to options agreements, it may be some time before these projects are widely adopted, given the user base in today's DeFi world.


Plutus DAO 旨在成为具有 veToken 结构的 Arbitrum 项目的实际治理层。PLS Token 充当单一 Token ,控制协议的投票锁定资产篮子并从基础 Token 中获得收益。通过持有 PLS Token ,用户可以对越来越多的协议产生影响,包括 Dopex、Radiant、Sperax 和 Jones DAO。虽然最初只专注于治理 Token ,但 Plutus 最近通过为 GMX 的 GLP Token 构建保险库而扩展到一般收益聚合领域。这种扩展使 Plutus 看起来像是 Convex 和 Yearn 的混合体,并且应该扩展协议的策略以尽可能多地合并 Arbitrum 中流行的收益来源。


Y2K Finance is a two-way platform for users to buy and sell anchored asset insurance. The agreement may only be a few months old, but the recent banking crisis that led to the USDC peg proved its worth. FRAX, USDC and Dai's depegs delivered returns of 4,820 percent, 4,350 percent and 4,230 percent, respectively, for those who bought anchorted insurance on the Y2K platform. While such returns might entice more users to move on, it's hard to imagine Y2K branching out beyond niche products because its business model is based on black Swan events.


Consumers ‍‍


In addition to DeFi, Arbitrum has a number of consumer-based applications. Most of these apps have yet to reach the same level of adoption as Arbitrum's DeFi app, but are ready to face the next wave of new user growth.


Qualification Certification - Odyssey


Arbitrum Odyssey is a new two-month user acquisition campaign launched by Offchain Labs in June 2022. The group selected the 56 projects Arbitrum was most active in and randomly created 14 groups of four projects each. The 14 groups then voted on Twitter, with the first four groups becoming Odyssey's sponsored members. Each week, users are set to complete two protocol tasks to obtain Galxe-issued NFT credentials.


During a one week period, users received NFT for bridging to Arbitrum. However, network congestion eventually forced Offchain Labs to postpone the Odyssey event while users began casting NFT to bridge the network.


Offchain Labs 宣布,在 Arbitrum 升级到 Nitro 技术堆栈后,Odyssey 将重启。但是,该活动仍未重新开始。有人猜测,在 Arbitrum 完成 Token 发行后,Odyssey 可能会重新开始。这将使 DAO 的财政部能够利用其新发现的财富进一步激励该活动。


Despite the cancellation of the Odyssey, the event can still be described as a success. 437,000 bridge NFT have been minted, but it's hard to tell how many of those wallets are new and repeat users trying to play Arbitrum for a long-awaited airdrop. Nevertheless, there is still a correlation between the new Arbitrum user activity and Odyssey.


In the end, Odyssey made Galxe the premier partner for Arbitrum NFT Certification. With social protocols entering the Arbitrum ecosystem in the future, Galxe will be a leading candidate to serve these customers as an authentication-as-a-service provider.


game


Arbitrum 的游戏行业主要由 Treasure 协议引导。Treasure 是一个面向游戏开发者的生态系统,其目标是成为「Web3 的任天堂」。在 Treasure 上发布的游戏可以相互操作,并且可以立即利用 Treasure 的原生 DEX、MagicSwap 及其原生 NFT 市场 Trove 提供的网络效应。MAGIC 是生态系统的原生治理 Token ,也是 NFT 升级和在 Trove 上购买的货币。


As of this writing, Treasure supports 13 different games. In these games, MagicSwap, and Trove marketplaces, the Treasure ecosystem averages 5,900 users per week and has never fallen below 2,500 users per week since it entered its initial growth phase in February 2022. Although this user base is only a small fraction of Web2 gaming, the activity is more consistent than some of the most popular Arbitrum DeFi protocols.


Treasure 的早期成功可以归因于游戏在加入生态系统时获得的网络效应以及缺乏来自其他游戏平台的竞争。在网络效应方面,无论该 Token 是在哪个游戏中获得的,MAGIC Token 都可用于升级 NFT 游戏资产。这意味着新项目可以提供 MAGIC 作为完成游戏目标的回报,用户可以将其奖励应用到他们的资产上。在整个生态系统的其他游戏中使用。此外,MagicSwap 和 Trove 为资产交换提供了中心位置,并推动了对 MAGIC 作为 NFT 销售货币的额外需求。


No other established gaming ecosystem within Arbitrum matches Treasure's scope. Trident, however, is trying to change that by introducing the risk-for-profit world of massively multiplayer online (MMO) games. Using the MMO model, the project will be able to build mini-games in the Trident universe and piggy-back its user base. Instead of building ecosystem platforms for games like Treasure, Trident is betting that Web3 Mmos will be as successful as Web2 Mmos like Minecraft and Roblox, and that game developers will build in their own games.


spinach


风险获利的主题也超越了传统的 Web3 游戏领域。随着 2023 年开始加密货币市场的风险偏好情绪回归,围绕去中心化菠菜应用程序出现了。这些平台建立在类似于 Arbitrum 的永续衍生品平台的流动性机制之上——流动性提供者扮演着「房子」的角色,并允许用户对他们的集合资金进行押注。根据项目的不同,这笔资金可以是协议的原生 Token 形式,也可以是外部资产,如 ETH 或 USDC。


As with tradition, odds offer a slight advantage to liquidity providers. However, unlike tradition, the random input and corresponding results of each game can be verified by any participant on the chain. Projects in Arbitrum's decentralized construction include Arcadeum, Nice2Win, Arbi Roul, Party Dice, and Betswirl.


The industry, while still young, has the potential for long-term growth and is exploring partnerships with existing Web2 platforms for additional revenue streams. Party Dice has already adopted this strategy. In addition, the lack of KYC and access to global liquidity expands the total addressable market for decentralized platforms. However, this is likely to be only a short-term benefit and the project remains small - anything that gains substantial traction will almost certainly face regulatory pressure.


NFT


The Arbitrum NFT ecosystem is still in its early stages. In the past month, NFT transactions on the network were just 3,900 ETH - a fraction of the 1.3 million ETH transactions on Ethereum L1 in the same time frame.


The only consistent source of NFT transaction volume on Arbitrum comes from Treasure's Trove market. This is likely because Trove is a local marketplace for game NFT in the Magic ecosystem, and players are exchanging assets for in-game use, rather than speculating as in most other NFT markets today.


OpenSea's relative market share has grown in recent months since the market was deployed on Arbitrum in mid-September 2022. The market experienced a brief surge in trading volume in February on the back of SpaceID's launch of its.arb naming service, but has since fallen. NFT trading on Arbitrum is likely to remain subdued until more projects launch native NFT and speculative returns on Arbitrum.


Arbitrum reasons for success


Arbitrum 将作为网络增长的案例研究载入加密历史。它的成功可以归因于三个相互关联的因素:推迟原生 Token 、原生应用程序,以及它的冒险用户群。


如前所述,Arbitrum 决定在没有 Token 激励的情况下引导其网络,这为其提供了相对于竞争对手的成本优势。追溯 Token 分发的前景足以让投机用户尝试其生态系统的应用程序。在开发人员方面,构建者可以自由创建应用程序,而不必担心唯利是图的用户仅仅为了获得短期回报而与他们的协议进行交互。


The success of native apps such as GMX and Treasure has attracted more builders to tap into the ecological user base. The DeFi ecosystem has seen a number of existing applications add support for Arbitrum to take advantage of the growing mobility within the ecosystem. Game developers choose to build with Treasure to access their engaged user base. Moreover, early adopters of these protocols were able to take advantage of the wealth effect created by their success. Unlike Optimism, which has a number of agreements backed by large VCS, Arbitrum's local application is largely funded by the community. This creates a self-loop, as community profits quickly flow back into other projects in the ecosystem.


Finally, the Arbitrum ecosystem has historically catered to a user base that has a preference for leverage and a high risk tolerance. The popularity of its perpetuation platform, its leverage strategy, and a growing number of risk-for-profit gaming and spinach platforms attest to this. Once these users are brought into the ecosystem, it is relatively easy for them to test various applications and integrate themselves into the community.


Look into the future


$ARB Token 发布


期待已久的 $ARB Token 发布将对 Arbitrum 生态系统的未来产生深远影响。试用 Arbitrum 生态系统的早期采用者现在将获得网络 Token 供应量 11.6% 的空投奖励。上周,Arbitrum 基金会详细制定了确定空投资格的标准。一般来说,在多个月内保持一致活动并通过网络与各种合约进行交互的钱包获得的奖励远远超过那些只是桥接资金并进行一些一次性交易的钱包。



$ARB Token 接收者的另一个值得注意的类别是在发展 Arbitrum 生态系统中发挥作用的 DAO。1.13 亿个 Token 将根据 Arbitrum 基金会确定的各种指标分配给协议。这些包括协议启动的时间,无论它是 Arbitrum 还是多链的原生协议、它的 TVL、用户活动、交易量、平均交易价值,以及它在跨时间维护这些指标方面的一致性。


排名前 10 位的 DAO 将获得分配给该类别的 41% 的 Token 。在这一组中,行业领导者 Treasure、GMX 和 Uniswap 因其对 Arbitrum 的游戏和 DeFi 生态系统的巨大影响力而成为前三名。如果我们分析收到的 $ARB Token 与每个协议的流通市值的比率,我们会发现市值较低的协议将获得价值超过其市值 10% 的 Token 。不出所料,自从宣布向 DAO 分配 $ARB 以来,其中许多 Token 的价格都出现了两位数的上涨。



最后,Arbitrum DAO 金库将收到近 43% 的 $ARB Token 。随着 Arbitrum 超越其最初的增长阶段,生态系统将无法再依赖其之前聪明的低成本用户获取策略。相反,DAO 需要动用其资金来吸引下一波开发者和用户。


Nova


Arbitrum Nova is a rollup created for high-volume Dapps and released with Arbitrum Nitro in August 2022. Nova relies on Arbitrum's AnyTrust technology, a variant of Nitro, to further reduce costs. Instead of Posting transactions directly on Ethereum L1, this data is sent to an external Data Availability Committee (DAC). This eliminates the need for rollup to pay gas to Ethereum L1 to store call data, but creates a modest assumption of trust: the user must trust that at least two DAC members are honestly storing transaction data.


DAC is a group of licensed infrastructure providers including Offchain Labs, ConsenSys, Reddit, Google Cloud, P2P, and QuickNode. If the DAC goes offline or fails to reach consensus on the DAC certificate, the system will fall back to the original Arbitrum rollup protocol and will run at the expense of the standard rollups.


尽管 Nova 承诺为用户和应用程序开发人员节省更多成本,但 rolllup 尚未得到实质性采用。Nova 自上线以来,其日均 3 万笔交易量仅占 One 日均 35 万笔交易量的 8.5%。在 $ARB Token 发布之后,我们可以看到 Arbitrum DAO 选择激励 Nova 的更大发展。游戏、社交和认证平台等消费者应用程序自然适合 Nova,因为它们需要高吞吐量和低交易费用。


Stylus


The Arbitrum Stylus is an upcoming programming environment that takes advantage of the changes brought about by Arbitrum's Nitro upgrade. Stylus will allow programs written in traditional programming languages such as C, C++, and Rust to be deployed on Arbitrum's aggregates. These languages are compiled into Wasm binary format and then sent for execution via EVM.


Ethereum has historically struggled to attract Web2 developers because of the learning curve associated with its native Solidity language. While the release date for Stylus is still unknown, its launch will make Arbitrum's development environment more accessible to all developers who are only familiar with traditional programming languages. In addition, Stylus provides an opportunity for applications developed in these legacy languages on other smart contract platforms to migrate to Arbitrum. This will allow them to take advantage of Ethereum's security features without having to make significant changes to their existing codebase.


Orbit


在发布 $ARB Token 的同时,Arbitrum 基金会发布了 Arbitrum Orbit,这是一个用于第 3 层 (L3) 网络的开发工具包,无需许可即可部署在 Arbitrum 的 L2 rollup 之上。L3 将被定义为 Arbitrum 的 L2 上的智能合约,这将要求他们向 L2 支付测序费用。添加对 L3 的支持应该有助于提高 Arbitrum 生态系统的可扩展性,同时使其执行环境和安全模型多样化。


Orbit will also allow new projects to leverage the Nitro codebase and launch as L2 on Ethereum. However, this option is only available if the project has been explicitly authorized by the Arbitrum DAO. Any licensing may require projects to pay an Nitro licensing fee to the Arbitrum DAO, as these projects will not pay a fee to use Arbitrum's collator.


The decision to support the L3 deployment rather than tangential L2 marks a clear difference in strategy between Arbitrum and its close competitor, Arbitrum Optimism. Arbitrum is trying to profit from its codebase as a proprietary development environment, and Optimism will profit from access to its shared collator infrastructure.


Finally


Low-cost growth hacks and a robust, community-driven application ecosystem have made Arbitrum the leading Ethereum scaling solution on the market. The launch of the network's native Token marks a pivotal point in its life cycle as it moves on the path to centralization. Since Ethereum L2 is an evolving ecosystem, Arbitrum will need to adapt to the changing needs of developers and users to maintain its early lead. By focusing on improving the accessibility of traditional programming languages and support for Tier 3 networks, Arbitrum is preparing to bring together more activity across its network.


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