In the world of cryptocurrency, a significant development occurred on Arbitrum today. Accordingly, ArbitrumDAO proposed an upgrade of their Layer-2 chains to Atlas, a version of the Blockchain that supports Ethereum’s Dencun update. The proposal was accepted with a 51% majority of the 186.59 million votes cast by community members. Following this development, the price of the cryptocurrency ARB also increased by 8%, approaching its 2024 peak of $2.42.
Proposal Accepted on Arbitrum
Arbitrum DAO has accepted a proposal to upgrade two Layer-2 Blockchains to ensure compatibility with Ethereum’s upcoming Dencun update. The community approved the proposal, and the chain is now preparing for low-cost transaction processing on the Ethereum chain. The ARB price rose in response to the latest developments. However, ARB subsequently experienced a decline. At the time of writing, ARB is trading at $2.1389.
ArbitrumDAO announced the acceptance of the proposal to upgrade its projects, Arbitrum One and Arbitrum Nova, to ArbOS 20, “Atlas”. The Blockchain platform has requested node operators to upgrade their nodes to version 2.3.1 or higher before March 14, 2024, to avoid any interruptions when Ethereum Dencun is upgraded.
The proposed upgrade includes various updates, including support for Dencun and improvements to the Batch Poster. The node upgrade is mandatory for Arbitrum operators as it will reduce Layer-2 costs for the chain’s users. The Ethereum upgrade will be activated on March 13.
A Significant Development for the Community
Arbitrum (ARB) and Optimism (OP) are expected to unlock their tokens around the time of the Dencun upgrade. It is not yet clear whether this will have a bullish or bearish effect on the ARB price in the days leading up to March 13.
In the crypto world, obtaining community approvals and shaping projects according to community decisions is very important. The Arbitrum cryptocurrency community has also given its approval to a significant upgrade, which will reflect on Arbitrum’s price in the coming days.
On the other hand, having a dynamic community is important for the continuity of crypto projects. At this point, Arbitrum’s effective community is noteworthy in demonstrating the project’s robustness in the crypto world. The reduction in transaction fees due to this move could make the cryptocurrency ARB more preferred in the upcoming periods.
