How to buy and hold ARB with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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Arbitrum (ARB) Token review
ARB is the native ERC-20 token of the Arbitrum blockchain, a layer-2 scaling solution for Ethereum. A user in possession of ARB can vote on governance decisions and contribute to the Arbitrum ecosystem.
Arbitrum’s ARB is a recently launched governance token, and its DAO has passed the proposal to stake ARB in November 2023, further increasing the token’s utility.
Arbitrum was launched in August 2021, by Offchain Labs, a company founded by Ed Felten, Steven Goldfeder, and Harry Kalodner. It is a layer-2 scaling solution for Ethereum, created to enhance the network’s transaction processing speed and solve the scalability of Ethereum.
ARB Use Cases
ARB tokens are a fundamental part of the Arbitrum ecosystem, as they serve as the governance token, allowing its holders to vote on proposals, features, protocol upgrades, funds allocation, and election of a Security Council.
- Governance Vote: Being an ARB token holder gives the users the power to shape the future of the Arbitrum Ecosystem, as token holders get to vote on decisions that affect the operation and evolution of the ecosystem, like allocation of funds, investment in the ecosystem, and important changes in the network infrastructure. (The more number of ARB tokens a user holds, the more power his vote holds)
- Security Council Election Decisions: Abitrum has a 12-member Security Council team that is responsible for managing the treasury wallet of Arbitrum Ecosystem, being an ARB holder gives users the power to vote and elect members for this council. The Arbitrum DAO’s smart contract is designed in a way that votes are token-weighted meaning the more ARB tokens a user holds, the more power his vote holds.
ARB tokens were officially launched on March 23, 2023. The tokens have a max supply of 10 Billion ARB with more than 1.2 Billion in circulation. ARB maintains a maximum yearly inflation rate of 2% with a gradual increase over time in the token supply.
ARB tokens are minted by the decentralized organization (DAO) via a constitutional proposal and new ARB tokens can be minted at the rate of 2% of its supply per year maximum, with the first of these mints becoming eligible on March 15, 2024.
The ARB tokens are distributed among Investors (17.53%), DAOs (1.13%), individual user wallets (11.62%), DAO Treasury (42.78%), and advisors (26.94%). These distribution numbers may change as the Arbitrum DAO makes the decisions for the network.
ARB was launched in March 2023, and 5 months after its launch, the crypto market went into a bear market, but no other token took a drastic drop as ARB. Arbitrum has to compete with Ethereum’s other popular layer-2 solutions, such as Polygon, Optimism, and zkSync, etc., which includes conducting activities to raise interest in ARB tokens among the community, optimizing Arbitrum blockchain, and reducing gas fees.
You can quickly purchase ARB in the Wigwam extension with the aid of a credit card or on centralized exchanges such as KuCoin, Binance, CoinBase Exchange, and Kraken.
The Decentralized Autonomous Organization (DAO) of Arbitrum passed a proposal on November 6, 2023, that enables users to stake ARB in exchange for yield rewards. During the 12-month trial, ARB holders can lock tokens, adjust lock times, and claim rewards based on their lock time weights. The proposal offered funding options for the staking mechanism, with 1% of the total ARB supply receiving the most votes. Before staking, another proposal will determine the service provider, contracts, and auditor, with community review for two weeks before deployment to Arbitrum.
Go to the Arbitrum One Explorer and enter your wallet address in the search bar to see your activities.
The steps specifics might vary based on the wallet you are using but the general steps will be as follows:
Open your crypto wallet, and ensure that it supports ARB. Navigate to “Manage Assets”, and then click on “Add Token” This will open a list of blockchains, select Arbitrum chain, and then enter the ARB token details as follows
- Token Contract Address: 0x912CE59144191C1204E64559FE8253a0e49E6548
- Token Symbol: ARB
- Decimal Precision: With 18 Decimals
After entering the token details click on “Save” to add the token to your wallet.
ARB is a cryptocurrency and comes with a high risk of the crypto market price volatility and Ethereum dependability. The September 2023 dropdown of 9% is a prime example of this and with Arbitrum DAO approving proposals for staking and yield rewards, it could either work wonders or flop dangerously. It would be better to thoroughly research the market before you decide to invest in ARB.