Solana Based ARB Protocol Jumps 882 percent: ARB Protocol, a Solana-based automated decentralized Arbitrage protocol, has charted a massive growth leap of 882% over the week-to-date (WTD) period.
Solana Based ARB Protocol Jumps 882 percent
At the time of writing, the token is changing hands on exchanges at a price of $0.004165. Despite its impressive outlook, there are many indications that show that the growth of the ARB Protocol is, at best, superficial in nature. To begin with, the trading volume of the protocol has slumped by more than 66%, a showcase that not many investors are currently stacking up on the token, nor are their traders trading it as such.
With poor demand inversely proportional to the price of the asset, we can at least attribute the WTD momentum to the ecosystem hype about the growth of the protocol’s community. As announced by the outfit, the community on Discord just hit a new milestone of 1,000 members in what can be described as a relatively unimpressive ecosystem milestone.
ARB Protocol, has, however, be launching a series of staking products that might have truly transformed the perception of investors about the protocol as a whole. Should it be regarded as the dominant outlet for obtaining high staking yield on Solana, it may likely attract more of an embrace over time.
Solana temporarily fizzles out
Solana Based ARB Protocol Jumps 882 percent: All of the highlighted basis for the growth and recent performance of the ARB Protocol are notably not what can drive truly sustainable organic growth for any token in today’s value-filled Web 3.0 ecosystem.
With the positivity that surrounds Solana, ARB Protocol may be one of the well-publicized things fizzling out after Bonk, the meme coin still trying to make a comeback to incentivize its loyal customers. ARB Protocol is already occupying a pivotal position on Solana, and additional innovation and regular updates are among what could help drive it toward a profitable path in the near future.
Solana is a crypto-computing platform that aims to achieve high transaction speeds without sacrificing decentralization. Like Ethereum, Solana is both a cryptocurrency and a flexible platform for running decentralized apps everything from Degenerate Apes to the Serum decentralized exchange.
Its major innovation is speed, via a bundle of new technologies including a consensus mechanism called proof of history. Solana can process around 50,000 transactions per second compared to 15 or fewer for Ethereum. Because Solana is so fast, congestion and fees remain low. Developers hope high speeds and low fees will eventually enable Solana to scale to compete with centralized payment processors like Visa.
Solana’s native cryptocurrency is SOL, which is used to pay transaction fees and for staking. It also gives holders the right to vote in future upgrades. SOL is available to buy and sell via exchanges like Coinbase.