HomeCryptoCrypto news for Arbitrum: amid software bugs and some price predictions

Crypto news for Arbitrum: amid software bugs and some price predictions

Latest crypto news for Arbitrum: amid the recent processing outage due to a software bug and some price predictions. 

Below are all the details. 

The bug in Arbitrum’s blockchain software

On Wednesday, Arbitrum’s blockchain encountered a bug in its software, causing an interruption in processing on-chain transactions for several hours. 

According to the official Twitter profile of Arbitrum’s developers, the bug was in Arbitrum’s sequencer, which is responsible for receiving user transactions, creating a batch and publishing it to the blockchain. 

Later, the Discord account of Arbitrum Foundation‘s community manager, known as “eli_defi,” explained that the bug generated network overload due to an accumulation of unpublished transactions on the chain. 

Fortunately, a solution was successfully implemented to fix the problem.

Focus on the price of Arbitrum crypto 

Currently, the Arbitrum (ARB) crypto is trading at around $1.18, up 4.24% in the last few hours. 

It is important to note that ARB has outpaced the performance of the overall cryptocurrency market, which has increased by 1.65% in the same time period.

Moreover, compared to Bitcoin (BTC), ARB has shown positive performance in recent days, registering a gain of 0.56% compared to the world’s leading cryptocurrency.

According to some price predictions for Arbitrum, ARB is expected to reach a value of $1.07 by 11 June 2023, representing a decrease of -9.31% from the current price in the coming days.

In addition, over the past 30 days, Arbitrum has been trending downward, with a decrease of -5.40%. In the medium term, the trend for Arbitrum has been bearish, with a decline of -76.65% over the past 3 months. 

In the long term, Arbitrum’s performance has also been negative, with a -1% change over the past year. A year ago, ARB was trading at $5.04.

In any case, the all-time high price for Arbitrum was reached on 23 March 2023, when ARB peaked at $8.67. Currently, the high in ARB’s cycle is $1.28, while the low in the cycle is $1.03. 

Finally, ARB has recently shown low volatility, with a 1-month volatility index of 3.81. In the past 30 days, Arbitrum has recorded 12 days of price increases.

LayerZero Labs links projects to Arbitrum Nova

LayerZero Labs, an omnichain interoperability protocol, recently announced its activation on the Arbitrum Nova mainnet. This integration enables extremely low-cost transactions and contributes to the adoption of Arbitrum Nova, especially in the gaming industry.

LayerZero projects built on the Arbitrum Nova mainnet reportedly enable users to smoothly extend their applications across more than 30 chains within the LayerZero network. 

In addition, the LayerZero network has surpassed 500,000 wallets, placing Arbitrum among the most widely used LayerZeros. 

In recent days, the adoption of Arbitrum One on LayerZero has seen significant growth, with more than 7 million messages sent to or from it. 

In addition, total volume has reached $5 billion since the endpoint implementation. Finally, we see that the integration provides developers with access to Arbitrum Nova and allows them to expand their gaming capabilities across the entire ecosystem. 

Not only that, developers using LayerZero can easily expand on Arbitrum Nova, taking advantage of all the opportunities offered.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.