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BitGo’s Support for ARB Token
BitGo has recently announced its decision to support ARB, a conventional ERC-20 governance token used in Arbitrum. With this move, customers can now safely custody ARB in hot, custodial, and cold wallets, as well as in self-managed cold wallets.
The Significance of Arbitrum
Arbitrum is a Layer 2 technology developed to enhance Ethereum’s services by empowering users to explore and innovate in the Ethereum ecosystem. Its L2 upgrading service is tailored for Ethereum, maximizing the network’s capabilities through fast transactions, promoting upgradability, and integrating privacy features.
Arbitrum specifically targets Ethereum’s smart contract challenges, such as limited functionalities and escalating deployment expenses.
Benefits of Arbitrum Rollup
The Arbitrum rollup allows developers to migrate smart contracts from Ethereum to L2 seamlessly. By leveraging various L2 upgrading technologies, including optimistic rollups, Ethereum smart contracts can expand their upgradability by interacting with multiple smart contracts on both the Ethereum mainchain and the Arbitrum L2.
As an optimistic rollup for Ethereum, Arbitrum enhances the efficiency and cost-effectiveness of decentralized applications (dApps). It leverages Arbitrum rollups to aggregate large volumes of transactions into a single block, alleviating congestion on the ETH mainnet and channeling traffic to the L2 chains. This optimized service contributes to the overall throughput of the Ethereum network while preserving its security and decentralization.
The introduction of the conventional ERC-20 token ARB by BitGo allows for the support of various tokens on Arbitrum, including Arbitrum Ethereum (Arbeth), Chainlink (Arbeth:Link), USDC, and USDT.
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