There are new developments in the Arbitrum (ARB) camp, which is considered one of the favorite altcoins for the upcoming bull season. Despite the increasing competition among smart contract platforms, Arbitrum continues to stand out in many aspects. The latest transfer confirms this. Now let’s take a look at the latest developments and price expectations.
Arbitrum News
Kinto, the Ethereum layer 2 solution, previously launched its testnet using Optimism’s OP Stack in May and then entered the ARB ecosystem using Arbitrum Nitro. According to the announcement, this transition was finalized after the autonomy granted to L2 solutions and the structure of the Arbitrum Orbit Chain ecosystem.
Kinto aimed to create a KYC-compliant financial network to support both traditional financial institutions and decentralized protocols. They also had goals of reducing DeFi exploitation risks with an internal insurance service for smart contracts. The team stated the following in their recent announcement;
“Arbitrum’s ability to create a reliable, unbiased, efficient, and mature platform with a strong understanding of decentralized finance has made it a perfect fit for Kinto.”
Ramon Recuero, the founder of Kinto, said;
“Arbitrum is an indisputable leader in the rollup field in terms of adoption, TVL, and technological maturity. Arbitrum is a community-focused ecosystem that includes thousands of projects built by crypto users, and we are pleased to be a part of this family. Our goal is to bridge DeFi to TradFi without alienating the principles and values of crypto.”
ARB Coin Analysis
Arbitrum is at the top in terms of both TVL and user activity, but the same cannot be said for the ARB Coin price. At the time of writing, the ARB Coin price is $1.02, and a steady decline has begun after the local peak of $1.22 in the week of November 6. The ATH price was $1.81, but it could not make a flashy start in the midst of a bear market.
The move above $1.2 was promising, but it did not continue, and we can see that the price has steadily retreated. If the psychological support of $1 can be maintained, the resistance area can be targeted again. Otherwise, a drop to $0.9 is likely depending on BTC‘s performance.
