OCT 5, 2023
(Alpha) Arbitrum (Odyssey) 2.0:What To Expect From The Ongoing Odyssey Event
by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE
Welcome to ARBITRUM. Find out how Odyssey would be used to teach how effective the blockchain is with some spicy rewards.
Blockchains have become more adaptive than most other tech industries. Ethereum is the most used blockchain for builders and Defi enthusiasts but due to complexity and high gas fee, chain developers came together and built a blockchain that will correct and resurface the Ethereum blockchain.
This particular blockchain has come into existence and with their aim of wanting people to know and understand better about their blockchain, they have organized an odyssey (a long and eventful journey or experience) to solve the problem. More knowledge about crypto/blockchain would be practicalized in the particular odyssey. Follow through...
WHAT IS ARBITRUM ECOSYSTEM?
Arbitrum is a layer 2 technology blockchain designed to scale Ethereum and aid the problems Ethereum undergoes i.e. transactions per second and high gas fees. Arbitrum chains do all things that can be done on Ethereum i.e. use Web3 apps, Deploy smart contracts, etc. with cheap and fast transactions. It is built with the Arbitrum Nitro Tech Stack that includes Arbitrum One (a live implementation of the Arbitrum Rollup Protocol) and Arbitrum Nova (a live implementation of the Arbitrum AnyTrust Protocol). It is powered by Ethereum which makes ETH its current gas fee used.
A group of undergraduates working with Professor Ed Felten delivered a presentation on the project they had signed up to build: a blockchain-based arbitration system. The objective was to solve some of the anticipated scaling challenges of smart contract platforms, and the plan was to design a blockchain that relied on a system of challenges and dispute resolution to lighten the computational workload for traditional miners. “Arbitrum,” as the system was called, would have suffered the same fate as most other promising academic computer science projects, if not for two ambitious Ph.D. students, Steven Goldfeder and Harry Kalodner, who approached Felten a few years later with the idea of building out a robust layer 2 solutions based upon the initial concept. Goldfeder and Kalodner co-founded Offchain Labs in 2018 alongside Ed Felten and since then shepherded Arbitrum from abstract idea to concrete reality.
In 2019 Offchain Labs raised $3.7 million in seed funding to develop its blockchain scaling technology. Offchain Labs released a whitepaper outlining the design and architecture of Arbitrum, which is described as a “trustless, general-purpose, scalable, and low-cost” Layer 2 solution for Ethereum in 2020. The beta version of Arbitrum One, their flagship optimistic roll-up product, was released to developers on mainnet Ethereum on May 28, 2021. The company made waves after a Series B raise of $120 million at a $1.2 billion valuation, and shortly after completing the public launch of Arbitrum One in August 2021, they saw massive growth reaching $2.6 billion in TVL (Total Value Locked) by the peak of crypto markets during November of the same year.
Despite a moderate downturn in DeFi as a whole, the Arbitrum ecosystem maintained activity with various protocol launches and integrations throughout the following few months. In April 2022, the team announced plans to roll out Arbitrum Odyssey, a program designed to increase ecosystem activity by incentivizing the use of popular projects with NFT airdrops. It was rumored that through participating in the Odyssey, users would set themselves up to receive a future $ARB token airdrop. When the eight-week program started in late June, it was an overwhelming success, causing activity on the chain to reach all-time highs.
TOKENOMICS AND AIRDROP
The Arbitrum token airdrop was a highly anticipated event, as it not only marked a new chapter for the Arbitrum ecosystem but also highlighted the potential for continuous growth. According to Blockworks, roughly 625k addresses qualified to receive the token, and 87% of those addresses have already claimed their tokens as of this article submission. In total, 12.75% of the $ARB token supply was airdropped to various early participants and DAOs in the Arbitrum ecosystem. According to Nansen, the median airdrop amount is 1,250 tokens.
Some users with heavy and early Arbitrum users received much more, with over 4,000 addresses set to receive 10,250 ARB tokens per address.
image: Bybit Learn
BENEFITS OF ARBITRUM ECOSYSTEM
Arbitrum launched in 2021, gaining immediate popularity. In fact, a few weeks later its total value locked (TVL) grew over 2,000%. Most of its growth since that time has been organic, as developers have increasingly been drawn to its exceptional benefits. Its token is currently listed on many of the largest centralized and decentralized exchanges, including Binance, Coinbase, Bitfinex, BitMEX, and Bybit. The entire ecosystem and its token have some vigorous importance and beautiful benefits in the entire space. Some of them are;
2. Low Gas Fee
3. Fast Confirmation
4. Economical Efficiency
5. DeFi and NFT Friendly
6. Developers/Users adoption
7. Interoperability and Compatibility
THE ODYSSEY (The Experience)
The Odyssey event that took place a couple of months ago was temporarily halted due to issues such as blockchain congestion, an unexpectedly high number of participants who were unprepared for the event, and the complexity of the smart contracts involved. However, I'm pleased to announce that the Odyssey is now back and better than ever.
In partnership with Galxe, we are embarking on a thrilling 7-week journey that will lead us through some of the most prominent communities within the Arbitrum ecosystem. Along the way, we will have the opportunity to collect unique badges, specially crafted by Ratwell and Frens.
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